Ethereum Price Technical Analysis – ETH/USD Holding Uptrend Support

Key Highlights

  • ETH price gained bullish momentum recently and it was able to move above $865 against the US Dollar.
  • There is a connecting bullish trend line forming with support at $862 on the hourly chart (data feed via SimpleFX).
  • The pair may continue to move higher towards $885 as long as it is above the $862-860 levels.

Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD could trade above $885 in the near term if buyers remain in action.

Ethereum Price Trend

There was a slow and steady rise in ETH price above the $850 level against the US Dollar. The price traded higher and moved above the $865 resistance. It traded as high as $884 before starting a downside correction. There was a downside move and the price traded below the $870 level. A low was formed at $855 where buyers appeared and prevented further declines.

A fresh upside wave was initiated and the price traded above the 23.6% Fib retracement level of the last decline from the $884 high to $855 low. On the downside, there is a connecting bullish trend line forming with support at $862 on the hourly chart. The pair is currently facing resistance near $875 and the 61.8% Fib retracement level of the last decline from the $884 high to $855 low. Once there is a close above the $875 level, the price may move above the recent high of $885. Above $885, the price may even break the $900 resistance.

Ethereum Price Technical Analysis ETH USD

If the price fails to move above $885, there could be a downside reaction. A break below the trend line support at $862 may perhaps ignite more declines. Any further losses would push the price towards the $825 level in the near term.

Hourly MACD – The MACD is struggling to remain in the bullish zone.

Hourly RSI – The RSI is moving higher and is currently above the 50 level.

Major Support Level – $860

Major Resistance Level – $885

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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