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Ethereum Price Technical Analysis – Can ETH/USD Gain Traction?

Key Highlights

  • ETH price mostly traded in a range during the past two sessions above $42 against the US Dollar.
  • There is a new bearish trend line with resistance at $44.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price at the moment attempting a close above the 100 hourly SMA and $43.75.

Ethereum price is making an attempt to bounce back against the US Dollar, but ETH/USD faces a major resistance near $44.10.

Ethereum Price Resistance

This past week we saw a few swing moves in ETH price towards $41.00 against the US Dollar. Later, the price started a recovery phase, and moved above $42.00. It managed to break the 50% Fib retracement level of the last decline from the $46.20 high to $40.98 low. It ignited an upside move towards $45.50, and the price traded as high as $45.60.

The price was seen struggling near the stated level, and moved down below $45.00. There was initially a move below the 38.2% Fib retracement level of the last wave from the $40.98 low to $45.60 high. The downside move extended, and the price traded towards $42.80. However, the price was able to find support at the 61.8% Fib retracement level of the last wave from the $40.98 low to $45.60 high. The price is currently attempting a close above the 100 hourly simple moving average at $43.75.

Ethereum Price Technical Analysis ETH

If the price closes above $43.75, it could challenge a new bearish trend line with resistance at $44.10 formed on the hourly chart of ETH/USD. The highlighted trend line resistance is important for a move towards $46.00. On the downside, the $42.80 level is a major support area.

Hourly MACD – The MACD is mostly flat with no bias at the moment.

Hourly RSI – The RSI is currently attempting a move above the 50 level.

Major Support Level – $42.00

Major Resistance Level – $44.10

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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