Key Highlights
- ETH price managed to hold the $42.60 support against the US Dollar, and traded higher.
- Yesterday’s highlighted bearish trend line with resistance at $44.05 on the hourly chart (ETH/USD, data feed via SimpleFX) is acting as a hurdle.
- The price is now above the 100 hourly SMA at $43.47, which is a positive sign.
Ethereum price made a nice move above $43.70 against the US Dollar, and now ETH/USD is looking for an upside break above $44.
Ethereum Price Trend Line Resistance
Yesterday, we saw a decline in ETH price towards $42.30 against the US Dollar. Later, the price managed to find support around $42.30, and started moving higher. It is also important to note that there was no close below $42.00. And, the price found support just below the 61.8% Fib retracement level of the last wave from the $40.95 low to $45.61 high. So, these are positive signs, pushing the price above $43.00.
The price traded higher and moved above the $43.20 level. There was also a break above the 100 hourly SMA at $43.47. It ignited more gains and the price moved towards $44.20. At the moment, the price is struggling to clear a major hurdle near $44.00. The stated resistance coincide with yesterday’s highlighted bearish trend line with resistance at $44.05 on the hourly chart of ETH/USD.
So, the current trend line resistance near $44.00-44.05 holds the key for more gains. A break above it may call for a move towards the last swing high of $45.60. On the downside, there is a connecting support trend line at $42.65. Moreover, the 100 hourly SMA at $43.47 might also act as a support if the price dips from the current levels.
Hourly MACD – The MACD is currently attempting to gain traction in the bullish zone.
Hourly RSI – The RSI is now above the 50 level.
Major Support Level – $42.65
Major Resistance Level – $44.10
Charts courtesy – SimpleFX
