- Ethereum price is currently correcting higher and is trading above 2 against the US Dollar.
- Bitcoin price is up more than 4% and it broke the key ,200 resistance area.
- There was a break above a key bearish trend line with resistance near 2 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover further towards the 0 level, which is a major hurdle for the bulls.
Ethereum price is slowly climbing higher versus the US Dollar, while bitcoin is up 5%. However, ETH price is likely to face a strong resistance near the 0 area.
Ethereum Price Analysis
This past week, Ethereum tested the 8 and 0 support levels on two occasions against the US Dollar. However, the bears were not able to gain strength below 8. As a result, there was a short term upside correction above the 2 resistance. More importantly, bitcoin rallied more than 5% and climbed above the key ,200 resistance area.
During the rise, ETH price even broke the 5 resistance and the 100 hourly simple moving average. Moreover, there was a break above a key bearish trend line with resistance near 2 on the hourly chart of ETH/USD. The pair tested the 7-178 area and it is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the recent recovery from the 9 low to 6 high.
Additionally, it seems like the 5 level and the 100 hourly SMA are acting as supports. If there are more downsides, Ethereum price could test the 2 support area. Moreover, the 50% Fib retracement level of the recent recovery from the 9 low to 6 high is also near the 2 area to act as a major support. Any further losses could push the price back towards the key 8 support area.
On the upside, there are many important hurdles near the 8 and 0 levels. To move into a positive zone, the price has to move above the 0 resistance. The next key resistance is near the 5 level, above which ETH could start a solid upward move.
Looking at the chart, Ethereum price is clearly recovering and it is showing positive signs above 5. However, the price is likely to fail near the 0 or 5 resistance area. On the downside, the 8 level holds the key, below which the price could decline towards the 2 and 0 support levels in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.
Major Support Level – 2
Major Resistance Level – 0
The post Ethereum (ETH) Could Recover To 0, Bitcoin Up 5% appeared first on NewsBTC.