Ethereum Price Technical Analysis – ETH/USD Set For Next Move

Key Highlights

  • ETH price after trading as high as $50.99 against the US Dollar moved down, and found support at $47.10.
  • There is a contracting triangle pattern formed with support at $48.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price is also supported above the 100 hourly simple moving average at $48.55.

Ethereum price after a decline from $50.99 to $47.10 found support vs the US Dollar, and now ETH/USD is preparing for the next move.

Ethereum Price Support

Recently, we saw how there was a rise towards $51 in ETH price against the US Dollar. Later, it found resistance and moved down. It traded below the $49.00 level and even cleared $48.00. There was a downside move below the 61.8% Fib retracement level of the last wave from the $45.56 low to $50.99 high. The price traded as low as $47.10 where it found support. Later, there was an increase in buying interest around $47.20 and the price started a recovery.

It traded above the 23.6% Fib retracement level of the last decline from the $50.99 high to $47.10 low. The best thing is the fact that the price is finding support near the 100 hourly simple moving average at

Read more ... source: NewsBTC USA

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