News Ethereum Price Technical Analysis – ETH/USD Buy Dips?

Ethereum Price Technical Analysis – ETH/USD Buy Dips?

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Key Highlights

  • ETH price managed to gain traction against the US Dollar, and was seen trading above $51.50.
  • There is a new connecting bullish trend line with support at $49.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price may continue to trade higher, and we may even see more upsides above $52.00.

Ethereum price remained well supported against the US Dollar and Bitcoin, and the recent move suggests more gains in ETH/USD in the near term.

Ethereum Price Upside Move

Yesterday, we saw an upside move in ETH price, as it moved above the $49.50 resistance against the US Dollar. The upside move was positive, as the price was able to gain strength and move higher. There was a break above the all-important $50.00 handle as well. It opened the doors for more gains, as the price was able to trade above $52.00. The price is now trading above the $52.00 level and recently traded as high as $52.42.

The best part was a break above the 1.236 extension of the last decline from the $50.99 high to $47.10 low. At the moment, the price is looking to correct lower. An initial support is around the 23.6% Fib retracement level of the last wave from the $47.10 low to $52.42 high. There is also a new connecting bullish trend line with support at $49.80 formed on the hourly chart of ETH/USD. The trend line support holds a lot of importance around $50.00.

Ethereum Price Technical Analysis ETH USD

It also coincides with the 50% Fib retracement level of the last wave from the $47.10 low to $52.42 high. So, if the price corrects lower, it may find buyers near $51.50 or $50.50 for another upside move.

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI – The RSI is in the overbought levels, and may move down a few points.

Major Support Level – $51.50

Major Resistance Level – $52.40

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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