Ethereum Price Technical Analysis – ETH/USD Recovery Underway
ETH price started a fresh upside move from the $826 swing low against the US Dollar.
There was a break above a crucial bearish trend line with resistance at $848 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair may continue to move higher as long as it is above the $840 level.
Ethereum price is recovering nicely against the US Dollar and Bitcoin. ETH/USD may continue to rise towards the next resistances near $865 and $870.
Ethereum Price Trend
After a steady decline, ETH price found buyers near the $825 level against the US Dollar. The price formed a low at $826 and later it started an upside move. It recovered and traded above the $840 resistance level. The best part was a break and close above the $848 resistance and the 100 hourly simple moving average. These are positive signs with a major support on the downside near $840.
During the upside move, there was a break above a crucial bearish trend line with resistance at $848 on the hourly chart of ETH/USD. The pair traded as high as $855 before correcting a few points. It tested the 23.6% Fib retracement level of the last wave from the $826 low to $855 high. However, the broken trend line, the $848 support and the 100 hourly simple moving average acted as key supports. Moreover, on the downside, the 50% Fib retracement level of the last wave from the $826 low to $855 high is at $841. Therefore, the $840-841 zone is a major support area.
On the upside, the price is facing a couple of important resistance levels such as $865 and $870. A break and close above the $870 level could clear the path for more gains.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is now moving higher towards the 65 level.
Major Support Level – $840
Major Resistance Level – $870
Charts courtesy – SimpleFX