Ethereum Price Technical Analysis – Can ETH/USD Retain Pace

Key Highlights

  • ETH price corrected towards the $18.00 handle and later recovered against the US Dollar.
  • There was a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken.
  • If the pair breaks $19.30 once again, there is a chance of it gaining pace.

Ethereum price is currently recovering from the $18.05 low against the US Dollar, and ETH/USD is now looking to extend gains.

Ethereum Price to Gain Further?

There was a correction wave initiated in ETH price vs the US Dollar, as it moved down below $18.50. The price traded in a random fashion, resulting in a move towards $18.05 where it found support. The main reason was the hourly simple moving average at $18.05. There was also a bullish trend line around the same area, which protected further losses.

The price later started recovering, and moved above $18.80. During the upside, the price broke 23.6% Fib retracement level of the last drop from the $20.54 high to $18.05 low. Moreover, there was a break above a bearish trend line at $18.85 on the hourly chart of ETH/USD (data feed via SimpleFX). These all are positive signs. However, the price is currently struggling to break

Read more ... source: NewsBTC USA

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