Key Highlights
- ETH price is trading with a positive bias and is holding the 5 support area against the US Dollar.
- There is a major bullish trend line forming with support at 5 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and it could soon attempt a break above 1-485.
Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD needs to break 1-485 to gain traction in the near term.
Ethereum Price Trend
There was limited downside action in ETH price as it remained above the 8-455 support area against the US Dollar. The price traded as low as 8.10 and started an upside move. It looks like sellers failed to gain momentum and a correction wave near 8 is over. ETH has moved above the 38.2% Fib retracement level of the last drop from the 8.84 high to 8.10 low. It is a positive sign since the price is now above the 5 level.
On the downside, there is a major bullish trend line forming with support at 5 on the hourly chart of ETH/USD. The pair might continue to stay above the trend line support at 5-462. However, it has to gain upside momentum above 0-481 to avoid any declines in the near term. It is currently struggling to break the 61.8% Fib retracement level of the last drop from the 8.84 high to 8.10 low. A break and close above 1 could lift the market sentiment and the pair might trade towards 0-500.
On the downside, if buyers fail to hold 5, the last low of 8 might be tested. Below 8, losses should be limited by the 0 level.
Hourly MACD – The MACD is slowly gaining pace in the bullish slope.
Hourly RSI – The RSI is moving higher and is currently above the 50 level.
Major Support Level – 5
Major Resistance Level – 1
Charts courtesy – SimpleFX
The post Ethereum Price Technical Analysis – ETH/USD Consolidating Gains appeared first on NEWSBTC.