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Ethereum Price Technical Analysis – ETH/USD To Resume Trend

Ethereum price likely completed a short-term correction against the US Dollar and Bitcoin, and now ETH/USD is about to resume its bullish trend.

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Key Highlights

  • ETH price started a correction after
    Ethereum value Tech Analysis – resuming trend of ETH/USD

    trading as high as $255.74 against the US Dollar.

  • Yesterday’s highlighted major bullish trend line with support at $205 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • The price is bouncing back, and it looks like a correction towards $185 is now complete.

Ethereum price likely completed a short-term correction against the US Dollar and Bitcoin. Now, ETH/USD is about to resume its bullish trend.

Ethereum Price Upside Move

Yesterday, we saw a rally in ETH price above the $250 level against the US Dollar. The price traded as high as $255.74 before starting a correction. During the correction wave, the price was able to break the 50% Fib retracement level of the last wave from the $136.50 low to $255.74 high. Also during the downside move, there was a break below yesterday’s highlighted major bullish trend line with support at $205 on the hourly chart of ETH/USD.

The pair traded towards the 100 hourly simple moving average at $185 where it found support. The stated level was also above the 61.8% Fib retracement level of the last wave from the $136.50 low to $255.74 high. The price is now recovering well, and it looks like a correction towards $185 is now complete. A move above the 23.6% Fib retracement level of the last decline from the $255.74 high to $185.43 low is a positive sign.

The price now needs to settle above the $200 level. Once it does, it can easily break $215 and the 38.2% Fib retracement level of the last decline from the $255.74 high to $185.43 low. Buying dips close to the 100 SMA or $190 may be considered in the short term.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is higher towards the 50 level.

Major Support Level – $190

Major Resistance Level – $215


Original Author : Aayush Jindal

Source Newsbtc
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