Ethereum Price Technical Analysis – ETH/USD To Rise Further

Key Highlights

  • ETH price is trading nicely above the $620 support level with positive signs against the US Dollar.
  • There is a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains in a decent uptrend and it could soon break $648 for more gains.

Ethereum price is trading with bullish signs against the US Dollar and Bitcoin. ETH/USD is positioned nicely to move above the recent high of $648.

Ethereum Price Bullish Bias

There were Crypto Analysis.com/2018/04/22/ethereum-price-weekly-analysis-eth-usd-downsides-remain-supported/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>further gains in ETH price above the $600 level against the US Dollar. The price was able to move above the $620 and $640 resistance levels and traded as high as $648. Later, there was a slight downside reaction and the price corrected below $640. There was a break below the 23.6% Fib retracement level of the last upside leg from the $593 low to $648 high.

However, the downside move was protected by the $620 support zone. Moreover, the 50% Fib retracement level of the last upside leg from the $593 low to $648 high also acted as a support. It seems like a minor Crypto Analysis.com/2018/04/20/ethereum-price-technical-analysis-eth-usd-breaks-key-resistance/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>downside correction from the $648 high is complete. ETH price is resuming its upside move and is approaching the $642-648 resistance zone. There is also a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD. As long as the price is above $610-620, it could continue to move higher and it may soon break $648.

Looking at the chart, the price forming a decent uptrend above $600. A successful break above the $648 swing high will most likely push the price above $650. The overall bias is bullish with supports on the downside at $620 and $610.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $610

Major Resistance Level – $648

The post Crypto Analysis.com/2018/04/23/ethereum-price-technical-analysis-eth-usd-rise-2/” data-wpel-link=”internal”>Ethereum Price Technical Analysis – ETH/USD To Rise Further appeared first on Crypto Analysis.com/” data-wpel-link=”internal”>Crypto Analysis.