- ETH price remained in a positive zone and recently traded above the 5 resistance against the US Dollar.
- The price is currently correcting lower, but it remains well supported near 5 and 2.
- There is a major bullish trend line forming with support near 6 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to grind higher and it might soon surpass the 8 and 0 resistances.
Ethereum price gained bullish momentum above 5 versus the US Dollar, but declined vs bitcoin. ETH price remains in a positive zone, with high chances of an upside break above 0.
Ethereum Price Analysis
In the past few days, there was a steady rise in Ethereum price above the 0 resistance against the US Dollar. The ETH/USD pair cleared the 5 resistance area and the 100 hourly simple moving average. Recently, the price even cleared the 0 and 5 resistance levels. A new monthly high was formed near 9 before the price started a downside correction.
There was a sharp downside correction below the 5 and 0 levels. The price even spiked below the 5 level, but the 100 hourly simple moving average acted as a strong support. Moreover, there is a major bullish trend line forming with support near 6 on the hourly chart of ETH/USD. The pair bounced back above 8, and the 50% Fib retracement level of the last slide from the 9 high to 3 low.
However, the upward move was capped by the 2-274 zone. It seems like the 61.8% Fib retracement level of the last slide from the 9 high to 3 low is acting as a resistance. The price already made two attempts to clear 2 and it is currently moving lower.
On the downside, the price remains well supported near the 8 and 6 levels. The trend line support and the 100 hourly SMA near 4 are crucial barriers for sellers. As long as the price is above 4, it is likely to bounce back. A clear break above the 2 level may perhaps push the price further higher.
Looking at the chart, Ethereum price is clearly trading with a positive bias above the 0 and 4 levels. On the upside, a break above the 2 level might call for more gains above 5 and 8. Once the price surpasses the 0 barrier, it could rally towards 8 and 2 in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is still above the 50 level, with a few positive signs.
Major Support Level – 4
Major Resistance Level – 8
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