Ethereum Price Technical Analysis – ETH/USD Buy Zone Near $360

Key Highlights

  • There were decent moves in ETH price, as it remained elevated above the $360 level against the US Dollar.
  • There is a cluster of bullish trend lines with supports such as $360, $350 and $345 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair remains a good buy on dips as long as there is no daily close below $335.

Ethereum price is preparing for the next break against the US Dollar and Bitcoin, and ETH/USD can be seen as a good buy on dips.

Ethereum Price Resistance

There was mostly a consolidation in ETH price above $360 against the US Dollar during the past few hours. The price looks stable and may be preparing for the next move above $380. If we look at the hourly chart of ETH/USD, there is a connecting bearish trend line at $380, which is acting as a resistance. The pair is trading below it, and slowly moving lower.

On the downside, there are many supports like $360 and $350. We can also see a cluster of bullish trend lines with supports such as $360, $350 and $345 on the same chart of ETH/USD. One of the trend lines is positioned with the 100 hourly simple moving average at $335. I think it can be considered as a strong support, and sellers may find it tough to close the price below $335. Moreover, the 38.2% Fib retracement level of the last wave from the $298 low to $394 high can also act as a support.

Ethereum Price Technical Analysis ETH USD

If the price dips from the current levels these trend lines between $345-360 may provide support. One can consider buying with a stop of a daily close below $335.

Hourly MACD – The MACD is positioned well and moving nicely in the bullish slope.

Hourly RSI – The RSI is flat and positioned just above the 50 level.

Major Support Level – $335

Major Resistance Level – $380-390

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: Newsbtc