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Ethereum Price Technical Analysis – ETH Trims Gain, Recovers

Key Highlights

  • ETH price traded further lower yesterday against the US Dollar, and tested the $12.25 support.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance earlier, but recently broken by buyers.
  • I stated that the price made a short-term top yesterday, which worked perfectly.

Ethereum price declined after a creating top against the US Dollar, found support at $12.25, and now currently attempting a recovery.

Ethereum Price Recovery

Ethereum price made a short-term top yesterday against the US Dollar as I pointed out. There was a sharp decline, as the ETH/USD pair fell below the $12.50 support area and somehow managed to hold $12.25. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance and pushed the price down.

However, the ETH buyers later managed to break the same trend line, which is a positive sign for a recovery. The price is also above the 23.6% Fib retracement level of the last drop from the $14.26 high to $12.25 low. So, it means there is a chance of more gains in the near term. However, the upside move was limited by the 100 hourly simple moving average. The stated MA is acting as a hurdle and preventing gains.

Ethereum Price Technical Analysis

The buyers have to break the 100 hourly SMA and the 50% Fib retracement level of the last drop from the $14.26 high to $12.25 low. It may then increase the possibility of further upsides towards the $13.50 level. As long as there is no upside break, there is a chance of yet another dip in the near term.

Hourly MACD – The MACD is currently attempting to move back in the bullish zone.

Hourly RSI – The RSI is just above the 50 level, and the bulls may attempt for a push higher.

Major Support Level – $12.60

Major Resistance Level – $13.30

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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