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

Key Highlights

  • ETH price is slowly rising higher, but it is facing a major resistance near $865-870 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with current resistance at $866 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair must break the trend line resistance to gain upside momentum towards $900.

Ethereum price is moving inside a range against the US Dollar and Bitcoin. ETH/USD has to break a major resistance near $865 to continue moving higher.

Ethereum Price Resistance

There was a decent rise from the $835 swing low in ETH price against the US Dollar. The price moved above the $850 resistance and even settled above the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the last decline from the $875 swing high to $835 low. These are positive signs for ETH buyers, but the price is facing a major resistance near $865-870.

At the moment, the price is attempting a break above yesterday’s highlighted major bearish trend line with current resistance at $866 on the hourly chart of ETH/USD. Moreover, the pair must break the 76.4% Fib retracement level of the last decline from the $875 swing high to $835 low. If there is a break above the trend line resistance and $870, there could be more gains. The next resistance above $870 is near $885. However, the price may test the 1.236 fib extension of the last decline from the $875 swing high to $835 low at $886.

Ethereum Price Technical Analysis ETH USD

It could even break the $900 level for more gains. On the downside, the 100 hourly SMA at $857 is a short term support. A break below $857 could clear the path for a decline towards $840.

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

Hourly RSI – The RSI is now placed nicely above the 50 level.

Major Support Level – $856

Major Resistance Level – $870

 

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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