Ethereum Price Analysis: ETH Remains In Strong Uptrend

ETH price is slowly moving higher and it remains well supported near $119 against the US Dollar.
There is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could dip a few points, but it is likely to find buyers near $119, $118 or $117 in the short term.

Ethereum price is placed nicely in a bullish trend against the US Dollar and bitcoin. ETH/USD may continue to move higher towards $125 and $128 in the coming sessions.

Ethereum Price Analysis

Recently, we saw a short term downside correction from the $125 high in ETH price against the US Dollar. The ETH/USD pair traded below the $122 and $120 support levels. However, the $117-118 area acted as a strong support and prevented further losses. Downsides were contained and later the price moved back above the $119 resistance level. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $125 high to $117 swing low.

The price even spiked above the $121 level and it is currently well above the 100 hourly simple moving average. However, the recent upward move faced sellers near the $122-123 zone. Additionally, the 61.8% Fib retracement level of the recent drop from the $125 high to $117 swing low acted as a resistance. The price is currently placed well above $120 and it seems like it may continue to move higher. On the upside, the main resistances are near the $123 and $125 levels. On the downside, there is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is clearly trading with a positive bias above $117 and $119. If there are corrective moves, buyers are likely to protect declines below $117. On the upside, a break above $125 might push the price towards the $128 level.

ETH Technical Indicators

Hourly MACD The MACD for ETH/USD is currently moving in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently just below the 60 level, with a slight bearish angle.

Major Support Level $119

Major Resistance Level $123

The post Ethereum Price Analysis: ETH Remains In Strong Uptrend appeared first on NewsBTC.

12.02.2019 / 20:10 66
Ethereum Price Analysis: ETH/USD Downsides Limited Below $212 Ethereum Price Analysis: ETH/USD
Key Highlights ETH price formed a short term top at $223 and corrected lower against the US Dollar. There is a major bullish trend line in place with
Ethereum Classic Price Analysis: ETC/USD Bullish Above $16.80 Ethereum Classic Price Analysis:
Key Highlights Ethereum classic price traded higher recently and moved above the $17.00 barrier against the US dollar. There is a crucial bullish
Ethereum Price Analysis: Can ETH/USD Break $455? Ethereum Price Analysis: Can ETH/USD
Key Highlights ETH price traded higher and tested an important resistance area near $455 against the US Dollar. There is a major bullish trend line
Ethereum Classic Price Technical Analysis  ETC/USD Remains in Uptrend Ethereum Classic Price Technical
Key Highlights Ethereum classic price is placed nicely above the $21.00 support level against the US dollar. There is a key connecting bullish trend
Ethereum Price Weekly Analysis  ETH/USD Downsides Remain Supported Ethereum Price Weekly Analysis
Key Highlights ETH price traded higher this past week and moved above the $580 pivot level against the US Dollar. There is a crucial bullish trend
Ethereum Classic Price Technical Analysis  ETC/USD Bullish above $19 Ethereum Classic Price Technical
Key Highlights Ethereum classic price recovered further and moved above the $19.00 level against the US dollar. There is a major bullish trend line
Comments (0)
Add a comment
Comment on