- ETH price is trading nicely above the 5, 0 and 2 support levels against the US Dollar.
- The price recently tested the 5 level and corrected lower to test the 0 support.
- There is a new rising channel forming with support near 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near the 5 level and the 100 hourly simple moving average.
Ethereum price is following bullish path above 5 versus the US Dollar, but struggling vs bitcoin. ETH is likely to climb towards 0 or 0 as long as it is trading above the 0 support.
Ethereum Price Analysis
Yesterday, we saw a downside correction in Ethereum price from the 5 swing high against the US Dollar. The ETH/USD pair declined below the 0 support level and tested the 0 support. There was a minor spike below the 100 hourly simple moving average, but the pair bounced back above 2. Recently, there was a slow recovery above the 0 level and the 50% Fib retracement level of the last downside from the 5 high to 0 swing low.
The price even traded above the 5 level, but it seems to be facing a strong resistance near the 7-258 area. Besides, the 61.8% Fib retracement level of the last downside from the 5 high to 0 swing low is acting as a solid resistance. If there is an upside break above the 7-258 resistance zone, the price is likely to climb towards the 5 swing high. Any further gains could push the price towards the 0 or 0 resistance area. On the downside, there are many supports near the 5, 0 and 2 levels.
Moreover, there is new rising channel forming with support near 5 on the hourly chart of ETH/USD. The channel support at 5 is also near the 100 hourly simple moving average. Therefore, as long as the price is above the channel support, it could continue to grind higher. Conversely, if there is a downside break, the price might retest the 0 support area.
Looking at the chart, Ethereum price seems to be following a slow and steady bullish path above 0. If the bulls fail to defend the 0 support, there could be a fresh drop towards the 5 support area. On the upside, if there is a strong follow through above 8 and 5, the price is likely to test the key 0 resistance.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a minor bearish angle.
Major Support Level – 5
Major Resistance Level – 5
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