Categories: Bitcoin Business

Ethereum Price Technical Analysis – ETH/USD Poised For Break

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Key Highlights

  • There was a rise towards $91 in ETH price against the US Dollar where it faced resistance and moved down.
  • Yesterday’s highlighted major bearish trend line near $88 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is again heading towards the $84.60 support zone where buyers may appear.

Ethereum price failed to gain momentum against the US Dollar and Bitcoin, and ETH/USD may soon head lower to retest a major support area.

Ethereum Price Support

There was a decent upside move in ETH price towards $91 against the US Dollar, but the momentum was not there. The price traded close to the 76.4% Fib retracement level of the last decline from the $97.90 high to $69.24 low where it faced resistance. The most important thing was a failure to break the 100 hourly simple moving average at $90.98. However, one positive sign was break above yesterday’s highlighted major bearish trend line near $88 on the hourly chart of ETH/USD.

The price is once again heading lower, and trading near the 23.6% Fib retracement level of the last wave from the $69.24 low to $90.98 high. The broken trend line zone at $86-88 is acting as a support. However, a major support is at $84.60. If the price fails to hold it, there are chances of further declines. The next stop could be near the 50% Fib retracement level of the last wave from the $69.24 low to $90.98 high at $80.11.

On the upside, the 100 hourly simple moving average may continue to act as a barrier near $91. A break above it must for further gains. So, we may soon witness either a break above $91 or below $84.60.

Hourly MACD – The MACD is slightly in the bearish zone.

Hourly RSI – The RSI is currently just below the 52 level.

Major Support Level – $84.60

Major Resistance Level – $91

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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