Key Highlights
- ETH price was able to move higher and it recently traded above $845 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $837 on the hourly chart (data feed via SimpleFX).
- The pair traded as high as $869 and it is currently correcting lower towards the $850 support.
Ethereum price is back in action against the US Dollar and Bitcoin. ETH/USD must stay above the $845-850 support to move further higher in the near term.
Ethereum Price Support
Yesterday, I mentioned that there could be more gains above $840 in in ETH price against the US Dollar. The price did make an upside move and it was able to trade above the $840 and $845 resistance levels. There was also a break above a major bearish trend line with resistance at $837 on the hourly chart. It cleared the path for more gains and the price settled above $850 and the 100 hourly simple moving average.
A high was formed at $869 from where the price started a downside correction. It is currently just below the 23.6% Fib retracement level of the last leg from the $86 low to $869 high. On the downside, there is a major support above the $840 level. There is also a bullish trend line forming with support around $845. Moreover, the 50% Fib retracement level of the last leg from the $86 low to $869 high is near $840. Below $840, the 100 hourly SMA is positioned. Furthermore, there is another bullish trend line forming with support at $828.
Therefore, there are many supports on the downside starting with $845 and up to $828. On the upside, the recent high near $869 is a short-term resistance, followed by the $900 level.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is moving lower towards the 50 level.
Major Support Level – $840
Major Resistance Level – $870
Charts courtesy – SimpleFX
