Ethereum Price Technical Analysis – ETH/USD Set For Next Move

Key Highlights

  • ETH price looks like gaining bids for a move higher above the $50 handle against the US Dollar.
  • Yesterday’s highlighted contracting triangle pattern formed with resistance at $49.05 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price is now moving higher, and may soon break the $50 handle.

Ethereum price traded positively during the past few sessions versus the US Dollar and Bitcoin, and now ETH/USD is preparing for a move above $50.

Ethereum Price Support

There was almost no action yesterday in ETH price, but it remained above the $48.50 support against the US Dollar. Later, it found bids and started moving higher above $49.00. Actually, yesterday’s contracting triangle pattern formed with support at $48.20 on the hourly chart ETH/USD acted as a good buy zone. It produced a bounce and helped buyers in gaining traction above $48.80.

The price traded higher and broke the 50% Fib retracement level of the last decline from the $50.99 high to $47.10 low. The best part was a break above highlighted contracting triangle pattern at $49.05. It opened the doors for more gains, and the price broke $49.50. There was also a move above the 61.8% Fib retracement level of the last decline from the $50.99 high to $47.10 low.

Ethereum Price Technical Analysis ETH

Overall, the price is now trading well above the highlighted contracting triangle pattern. It is a positive sign, and may call for more upsides above $50.00. A break and close above $50 could be encouraging. However, the last swing high at $50.99 may still act as a resistance area. Only a break above it may call for a sustained move above $51 in the near term.

Hourly MACD – The MACD is currently moving into the bullish zone.

Hourly RSI – The RSI is well above the 50 level, and heading higher towards 65.

Major Support Level – $48.80

Major Resistance Level – $50.00

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.