Key Highlights
- ETH price corrected sharply lower after trading to a new high at $864.53 against the US Dollar.
- A bullish trend line with current support at $715 acted as a buy zone on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently moving higher and is attempting an upside break above $800.
Ethereum price is placed nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD may soon break $800-805 once again for more gains.
Ethereum Price Support
There were heavy swing moves in ETH price recently above $700 against the US Dollar. The price gained solid momentum, moved above the $800 level and traded to a new high at $864.53. Later, the price failed to retain momentum and started a downside below $800. There was a sharp downside reaction and the price broke the $750 and $720 support levels as well. The decline was nasty and the price finally found support around $700 and the 100 hourly simple moving average.
Moreover, a bullish trend line with current support at $715 acted as a buy zone on the hourly chart of ETH/USD. The pair is now moving back higher and it currently above the 50% Fib retracement level of the last decline from the $864 high to $702 low. However, there is a bearish trend line on the same chart with resistance at $805-810. ETH buyers need to break the $810 resistance to push the price back in the bullish zone. Moreover, a break above the 61.8% Fib retracement level of the last decline from the $864 high to $702 low is needed to a push toward the $850 level.
On the downside, the trend line support at $715 is important along with the 100 hourly SMA.
Hourly MACD – The MACD has just moved into the bearish zone.
Hourly RSI – The RSI is currently attempting an upside break above the 50 level.
Major Support Level – $715
Major Resistance Level – $810
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.
