Ethereum Price Technical Analysis ETH/USD Holding 100 SMA

Ethereum Price Technical Analysis  ETH/USD Holding 100 SMA

Key Highlights


ETH price is trading with a stable bias above the $540 support against the US Dollar.
There is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
The pair has to break the $580 resistance and a bearish trend line to move further higher in the near term.

Ethereum price is slowly grinding higher against the US Dollar and Bitcoin. ETH/USD is positioned nicely above $540 and it may break $580 for further upsides.

Ethereum Price Trend

The past few sessions were mostly positive since ETH price remained above the $540 support against the US Dollar. The price traded as high as $590.54 recently before starting a minor downside correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $516 low to $590 high. However, the downside move was protected by the $540 support zone.

Moreover, the 50% Fib retracement level of the last wave from the $516 low to $590 high also acted as a support. At the moment, the price is trading well above the $550 level and the 100 hourly simple moving average. On the downside, there is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD. The pair is likely to move high as long as above $540. On the upside, there is a connecting bearish trend line with current resistance at $580 on the same chart.


A break above the trend line and resistance at $580 is needed for buyers to take control. The next resistance on the upside could be near the last high at $590. Above $590, the price may perhaps break the $600 level in the near term.

Hourly MACD The MACD is now back in the bullish zone.

Hourly RSI The RSI is just below the 60 level.

Major Support Level $540

Major Resistance Level $580

Charts courtesy Trading View

21.03.2018 / 22:49 71
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