Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips

Coinminist

Key Highlights

  • ETH price made a nice upside move and traded above the $740 level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $735 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair has to move above the $760 level in order to gain traction in the near term.

Ethereum price is moving nicely against the US Dollar and Bitcoin. ETH/USD has to clear sell offers near $760 to gain upside momentum.

Ethereum Price Trend

There is a decent price action forming above $710 in ETH price against the US Dollar. The price managed to slowly move higher above the $730 and $735 levels. However, the price is struggling to break the $760 resistance level, which is the final line of defense for sellers. Once there is a break and close above the $760 level, there can be more gains in the near term.

On the downside, there is a new connecting bullish trend line forming with support at $7350 on the hourly chart of ETH/USD. Below the trend line support, the 23.6% Fib retracement level of the last wave from the $598 low to $759 high is at $716 to prevent declines. Below the mentioned $716, the 100 hourly simple moving average is at $700 to act as a major support area for buyers. If at all sellers succeed in pushing the price below $700, the price can test $676. The stated $676 level is the 50% Fib retracement level of the last wave from the $598 low to $759 high.

Ethereum Price Technical Analysis ETH USD

The current price action is positive as of now above $715. However, buyers need to pierce the $760 level to gain further momentum in the near term.

Hourly MACD – The MACD is reducing its bullish slope, but it is still positive.

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

Major Support Level – $715

Major Resistance Level – $760

 

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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