Ethereum Price Technical Analysis – ETH/USD Recovery Positive
Array

Ethereum Price Technical Analysis – ETH/USD Recovery Positive

-

- Advertisment -Ethereum Price Technical Analysis – ETH/USD Recovery Positive

Key Highlights

  • ETH price gained momentum from the $185 support against the US Dollar and moved higher.
  • This week’s highlighted two bearish trend lines with resistances as $188 and $205 on the hourly chart of ETH/USD (data feed via SimpleFX) were cleared.
  • The next major hurdle for ETH buyers is around the $226 level, which is a short-term pivot.

Ethereum price maintained a bit tone against the US Dollar and Bitcoin, and ETH/USD managed to settle above the $208 resistance area.

Ethereum Price Support

There was a decent recovery started from the $168 low in ETH price against the US Dollar. Later, a support base was formed near $185 and the price started a substantial recovery. Buyers were able to take the price back above the $200 handle. Another important break was above the 50% Fib retracement level of the last decline from the $234.34 high to $168.58 low. It cleared the path for a move above the $208 resistance.

Moreover, this week’s highlighted two bearish trend lines with resistances as $188 and $205 were cleared on the hourly chart of ETH/USD. Lastly, the price is now above the $210 level and the 100 hourly simple moving average. At the moment, the price is trading near the 76.4% Fib retracement level of the last decline from the $234.34 high to $168.58 low.

Ethereum Price Technical Analysis ETH USD

A successful close above the $220 level could ignite further gains in the short term. An initial resistance is near the $226 level, which is a pivot zone. If the current momentum stays, there is a chance of a break above $226. On the downside, the $208 level and the 100 hourly simple moving average might act as a support.

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

Hourly RSI – The RSI is placed well above the 50 level and showing positive signs.

Major Support Level – $208

Major Resistance Level – $226

 

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.


Source link

Ethereum Price Technical Analysis – ETH/USD Recovery Positive
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...
- Advertisement -Ethereum Price Technical Analysis – ETH/USD Recovery PositiveEthereum Price Technical Analysis – ETH/USD Recovery Positive

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Bitcoin Can Gain 100% In 2020 – Halving Not Priced In, Says Fundstrat

Authored by William Suberg via CoinTelegraph.com, Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in...

Must read

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay...
- Advertisement -Ethereum Price Technical Analysis – ETH/USD Recovery PositiveEthereum Price Technical Analysis – ETH/USD Recovery Positive

You might also likeRELATED
Recommended to you