Categories: Bitcoin Business

Ethereum Price Technical Analysis – ETH/USD Remains Range Bound

Click here to view original web page at

Key Highlights

  • There was no break above $90.98-91.00 in ETH price against the US Dollar, as the upside move was contained.
  • There is a clear range pattern formed with support at $84.60 and resistance near $91 on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The 100 hourly simple moving average is acting as a strong resistance near $88.20, and preventing gains.

Ethereum price did not move much against the US Dollar and Bitcoin, and ETH/USD is currently forming a range with resistance near $91.

Ethereum Price Upside Hurdle

Yesterday, we saw an upside break in ETH price above $88 against the US Dollar. However, the price was contained near $91, which acted as a strong resistance and prevented gains. The same level was also near the 76.4% Fib retracement level of the last decline from the $98 swing high to $70 low. Later, the price started trading in a range with resistance just below $91.

If we look closely, then it’s the 100 hourly simple moving average which is acting as a strong hurdle and currently near $88.20. It may continue to act as a barrier for gains above $90. Looking at the hourly chart of ETH/USD, there is a clear range pattern formed with support at $84.60 and resistance near $91. On the downside, the range support is near the 23.6% Fib retracement level of the last wave from the $70 swing low to $90.98 high.

As long as the price is below the 100 hourly simple moving average and $91, there is a chance of a dip towards $84. However, any downside move should limited, considering the current market sentiment. Finally, when buyers gain traction, ETH price may look to break $91 for further gains in the near term.

Hourly MACD – The MACD is mostly flat.

Hourly RSI – The RSI is just around the 50 level.

Major Support Level – $84

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.

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin May Be Laying the Groundwork for a Trend Reversal

Following Bitcoin’s recent plunge into the mid-$9,000 region, the cryptocurrency has been able to post a strong and sustainable bounce… Read More

5 hours ago

The blockchain/crypto week in quotes

“People who are watching the daily price of Bitcoin are really missing the whole point…The whole idea of Bitcoin is… Read More

5 hours ago

Brewing giant gives blockchain to African farmers

AB InBev Africa and BanQu have roped in blockchain technology to uplift smallholder farmers in the global brewing giant’s supply… Read More

5 hours ago

Self-Proclaimed Satoshi Nakamoto’s Bitcoin ‘Reveal’ Is an Epic Fail

The "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: Shutterstock… Read More

5 hours ago

Litecoin May Soon Surge Despite Selling Pressure and Recent Dusting Attack

Litecoin has been wrapped in negative sentiment as of late, which has primarily been rooted it its lackluster price action… Read More

5 hours ago

The best ways to buy furniture online for Bitcoins

Overview Buying furniture for cryptocurrency For most of its existence, the Bitcoin community (BTC) believed that cryptocurrency would be a… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More