Key Highlights
- ETH price is trading inside a range above the $775 support level against the US Dollar.
- There is a short-term contracting triangle forming with current resistance at $830 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may soon make the next move and it could break $830-840 to trade further higher.
Ethereum price is preparing for more gains against the US Dollar and Bitcoin. ETH/USD could slowly move higher and trade past the $830-840 resistance in the near term.
Ethereum Price Sights Next Break
Yesterday, we saw a nice upside move in ETH price above the $700 level against the US Dollar. The price traded above the $800 level and formed a high near $846. Later, a minor downside wave started and the price moved below the $800 level. There was also a break below the 23.6% Fib retracement level of the last wave from the $553 low to $846 high.
During the downside move, the price moved below the $770 level and the 100 hourly simple moving average. However, losses were limited and the price recovered back above the $770 level. The 38.2% Fib retracement level of the last wave from the $553 low to $846 high acted as a support. At the moment, there is a short-term contracting triangle forming with current resistance at $830 on the hourly chart of ETH/USD. The pair is about to break the pattern and make the next move either above $830 or below $775. On the upside, above $830, the price may trade above the $880 level.
On the downside, below $775, the price may test 50% Fib retracement level of the last wave from the $553 low to $846 high near $700.
Hourly MACD – The MACD is slowly reducing its bullish slope.
Hourly RSI – The RSI is currently struggling to move back above the 50 level and is heading south.
Major Support Level – $770
Major Resistance Level – $830
Charts courtesy – SimpleFX
