Ethereum Price Technical Analysis – Can ETH/USD Hold This?

Key Highlights

  • ETH price is correcting lower, but it is holding the $900 support area against the US Dollar.
  • There is a short-term bearish trend line forming with resistance at $920 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below the 100 hourly simple moving average and $950, which are likely to act as resistances.

Ethereum price is moving lower further against the US Dollar and Bitcoin. ETH/USD has to hold the $900 support level to remain in a bullish trend.

Ethereum Price Support

There was a nice upside move above $940 this past week in ETH price against the US Dollar. The price traded above the $950 level, but it could not test the $1,000 level. A high was formed at $970 from where a downside correction was initiated. It moved down and broke the 38.2% Fib retracement level of the last wave from the $868 low to $970 high.

There was also a break below the $925 support and the 100 hourly simple moving average. However, the downside move was protected by the $900 support. A low was formed at $895 and the price started an upside correction. It traded above the 23.6% Fib retracement level of the last decline from the $970 high to $895 low. However, the price failed to gain upside momentum above the $930 level and the 100 hourly SMA. It failed to break the 50% Fib retracement level of the last decline from the $970 high to $895 low.

Ethereum Price Technical Analysis ETH USD

On the upside, there is a short-term bearish trend line forming with resistance at $920 on the hourly chart of ETH/USD. As long as the pair is below the trend line, $930 and 100 hourly SMA, it could continue to struggle.

Hourly MACD – The MACD has moved into the bearish zone.

Hourly RSI – The RSI is now well below the 50 level and is showing bearish signs.

Major Support Level – $900

Major Resistance Level – $930

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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