Ethereum Price Technical Analysis – ETH/USD Prepares For Ride
- ETH price after moving towards the $11.20 level against the US dollar found resistance.
- The price moved down, and broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.
- However, there was no major downside move, as the price continues to consolidate above the $11.00 support.
Ethereum price started a consolidation phase against the US Dollar with resistance at $11.20, and ETH/USD might be preparing for a ride soon.
Ethereum Price Consolidation
After a nasty decline towards $10.25, ETH price recovered well against the US Dollar. It moved back above the $11.00 resistance, which is now acting as a support for buyers. The price recently traded as high as $11.21 where it found resistance and moved down. However, the downside move was not strong with support at $11.00. During the downside move, the price broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.
This is not a good signal, but since there was no major decline, it can be ignored. The price later started consolidating in a range above the $11.00 support. On the upside, the $11.20 level is acting as a resistance, and preventing gains. There were many rejections near the highlighted resistance. On the other hand, the $11.00 is very important. It also coincides with the 100 hourly simple moving average at $10.98.
Moreover, the 23.6% Fib retracement level of the last wave from the $10.24 low to $11.21 high is also around the same support area. So, we can call the $11.00-10.95 area a crucial support zone. A break below it could take the price towards the $10.80 level. On the upside, the next resistance is at $11.40.
Hourly MACD – The MACD is almost flat, suggesting a range trading.
Hourly RSI – The RSI is above the 50 level, but there is no solid positive sign yet.
Major Support Level – $11.00
Major Resistance Level – $11.20
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.
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