Key Highlights
- ETH price after a dip found support near the 0 level and moved higher against the US Dollar.
- There is a crucial bullish trend line forming with support near 5 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct once again towards the trend line or 0, but downsides remain limited.
Ethereum price remains bullish against the US Dollar, but struggling against Bitcoin. ETH/USD might dip a few points, but remains supported.
Ethereum Price Trend
This past week was a roller coaster ride for ETH price as it traded above the 0 handle against the US Dollar. The price traded to a new all-time high at 3.75 before facing strong selling interest. There was a sharp decline and the price moved below the 0, 0 and 0 support levels. A low as formed near 0.00 from where the price started an upside move.
The downside move was mainly protected by a crucial bullish trend line with current support near 5 on the 4-hours chart of ETH/USD. Moreover, the 0 handle and the 100 simple moving average (4-hours) also acted as a strong support. The pair recovered and moved above the 50% Fib retracement level of the last decline from the 3.75 high to 0.74 low. The current price action is positive above the 0 level, but the pair is struggling near 6. The mentioned 6 level is the 61.8% Fib retracement level of the last decline from the 3.75 high to 0.74 low.
The pair is struggling to break the 6-470 levels. Therefore, there are chances of it declining once again towards 0 or the trend line support. However, downsides remain limited below 0 and the bullish trend remains intact for more gains.
4-hours MACD – The MACD is moving back from the bearish to bullish zone.
4-hours RSI – The RSI is currently just above the 50 level.
Major Support Level – 0
Major Resistance Level – 6
Charts courtesy – SimpleFX
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