Ethereum Price Technical Analysis ETH/USD Recovery Underway

Ethereum Price Technical Analysis  ETH/USD Recovery Underway

Key Highlights


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

05.03.2018 / 10:20 38
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