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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Ethereum Price Technical Analysis

Ethereum Price Technical Analysis – ETH/USD Uptrend Intact

Aayush Jindal by Aayush Jindal
6 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2 mins read
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Key Highlights

  • ETH price maintained its bullish bias against the US Dollar and closed above the $9.60 level.
  • There was a break above a bearish trend line formed on the daily chart (data feed via SimpleFX) of ETH/USD, which earlier opened the gates for more gains.
  • The price is also well above the 100-day simple moving average, which is a positive sign.

Ethereum price remained in an uptrend this past week against the US Dollar and Bitcoin, and ETH/USD may continue to trade higher.

Ethereum Price Upside Move

There was a slow and steady increase in Ehereum price against the US Dollar, as the price moved past the $9.60 resistance area. Later, the price also moved above the $10.00 level, which is a positive sign. Moreover, there was also a bearish trend line formed on the daily chart (data feed via SimpleFX) of ETH/USD. It was also broken during the upside move earlier this month, which opened the gates for more gains.

The best part was the close above the 100-day simple moving average. It is an encouraging sign, which means the price is well positioned above $10.00. The price recently moved down below the 23.6% Fib retracement level of the last wave from the $6.87 low to $11.41 high to ignite a downside move. However, the price later found support near the 50% Fib retracement level of the last wave from the $6.87 low to $11.41 high.

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Ethereum Price Technical Analysis

The price is now moving back higher, and currently trading above $10.00, which is a positive sign. It may lift the pair further and could take it above $11.00. Let us see how the price trades in the upcoming week, and whether it trades towards $12.00 or not.

Daily MACD – The MACD is still in the bullish zone, which is a good sign.

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Daily RSI – The RSI is well above the 50 level, calling for more gains.

Major Support Level – $10.00

Major Resistance Level – $11.00

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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