Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price was able to move higher recently and it traded above the $850 resistance against the US Dollar.
- There are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently correcting lower, but it remains supported above the $840 level.
Ethereum price gained solid bullish momentum against the US Dollar and Bitcoin. ETH/USD is now eyeing further gains above the $860 level.
Ethereum Price Support
Yesterday, we saw a solid upside move in ETH price above the $850 level against the US Dollar. The price traded to a new all-time high at $879.51 before it started a downside correction. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $724 low to $879 high. There are very less chances of a substantial correction from the current levels below $810.
On the downside, there are two key bullish trend lines forming with support at $840 and $790 on the hourly chart of ETH/USD. The pair is currently consolidating above the first trend line and support at $840. It seems like the pair is preparing for more gains above $879. Once there is a break above the $879 high, the price could attempt a test of the $900 handle in the near term.
In terms of the support, the trend line support at $840 is important. Below $840, the price may test the 50% Fib retracement level of the last wave from the $724 low to $879 high at $801. Therefore, it is safe to say that ETH/USD remains well bid on the downside near $840 and $805.
Hourly MACD – The MACD is currently reducing the bullish slope, but remains nicely placed.
Hourly RSI – The RSI is currently moving lower from 65 towards the 50 level.
Major Support Level – $840
Major Resistance Level – $879
Charts courtesy – SimpleFX