Ethereum Price Analysis: ETH/USD Holding 100 SMA

Key Highlights

  • ETH price failed once again around the $482-484 resistance and declined against the US Dollar.
  • There is a major bullish trend line formed with support at $454 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is holding the $450 support and the 100 hourly simple moving average, which is a positive sign.

Ethereum price is placed in a positive zone against the US Dollar and Bitcoin. ETH/USD must stay above the $454 support and the 100 hourly SMA to move higher.

Ethereum Price Trend

Yesterday, there was a decent upside move above the $465 resistance in ETH price against the US Dollar. The ETH/USD pair traded above the $480 level, but the upsides were capped by the $484 level. A high was formed at $484.22 and the price corrected lower. It moved below the 50% Fib retracement level of the last wave from the $449 low to $484 high.

However, declines were supported near the $455-460 zone. More importantly, the 100 hourly simple moving average also acted as a strong support near the $460 zone. The 61.8% Fib retracement level of the last wave from the $449 low to $484 high also played its part in stopping the last decline. On the downside, there is a major bullish trend line formed with support at $454 on the hourly chart of ETH/USD. Therefore, it seems like the pair is well supported above the $450 level and the 100 hourly simple moving average.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is currently trading well above $460 and the 100 hourly SMA. On the upside, an initial resistance is around the $474 level. Above this, the most important barrier for buyers is near $482-484. Finally, a break above this could push the price to a new monthly high above $490.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is currently placed above the 50 level.

Major Support Level – $452

Major Resistance Level – $482

The post Ethereum Price Analysis: ETH/USD Holding 100 SMA appeared first on NewsBTC.

Newsbtc.com

Оставьте ответ

Ваш электронный адрес не будет опубликован.

Этот сайт использует Akismet для борьбы со спамом. Узнайте как обрабатываются ваши данные комментариев.