This story was shared from this site

Key Highlights ETH price rocketed above the $1200 before creating a dip and rip situation against the US Dollar. A crucial bullish trend line with current support at $1060 prevented declines on the hourly chart of ETH/USD (data feed via SimpleFX). The pair has resumed its uptrend and it looks set for a move above the $1220 level.

Ethereum price is forming bullish moves against the US Dollar and Bitcoin. ETH/USD corrected sharply and is currently poised to resume uptrend above $1220.

Ethereum Price Support

Yesterday, we discussed that ETH price is poised to break the $1200 level against the US Dollar. The price made a nice upside move and traded above the $1200 level. A new all-time high was formed at $1222.46 before sellers appeared. There was a major downside reaction and the price tumbled below the $1100 and $1000 support levels. However, the downside move was protected by the $950 support.

More importantly, a crucial bullish trend line with current support at $1060 prevented declines on the hourly chart of ETH/USD. The trend line support at $1060 along with the 100 hourly simple moving average acted as a decent support. The pair bounced and moved above the 50% Fib retracement level of the last drop from the $1222.46 high to $956.85 low. The current price action is positive since the price has moved above the $1150 level.

Moreover, the price is now placed above the 76.4% Fib retracement level of the last drop from the $1222.46 high to $956.85 low. Therefore, there are high chances of it breaking the $1222 high in the near term. If all goes well, the price could even accelerate above the $1250 level. On the downside, the $1120 support is an initial buy zone. However, the most important support is at $1060 and the 100 hourly SMA.

Hourly MACD – The MACD is moving back higher in the bullish zone.

Hourly RSI – The RSI is once again moving toward the 70 level.

Major Support Level – $1060

Major Resistance Level – $1220

 

Charts courtesy – SimpleFX

The post Ethereum Price Technical Analysis – ETH/USD Resumes Uptrend appeared first on NewsBTC.

Facebook Comments


Social Media Auto Publish Powered By : XYZScripts.com
Read previous post:
A Blockchain a Day? Big Pharma Seeks DLT Solution for Drug Costs

Pharma heavyweights open up about how they envision a blockchain system improving the research and development process of new drugs.

Close