Ethereum Price Technical Analysis – ETH/USD To Move Higher?

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Key Highlights

  • ETH price after correcting towards the $9.10 level against the US Dollar found support and moved higher.
  • There was a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent upside at $9.65.
  • The price is also above the 100 hourly simple moving average, which may now act as a support.

Ethereum price may have completed a correction against the US dollar. So, can ETH/USD move higher one more time towards $10.80?

Ethereum Price Support

There was a correction from the $11.42 initiated in in ETH price against the US Dollar. The price traded lower and traded near the swing low of $9.10. Later, the price stated recovering, and moved above the 23.6% Fib retracement level of the last decline from the $11.42 high to $9.08 low. It opened the doors for more gains ETH/USD, and pushed the pair higher.

The upside move was such that there was a break above a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The price also moved above the 100 hourly simple moving average. At the moment, the upside move is finding resistance near the 50% Fib retracement level of the last

Read more ... source: NewsBTC USA

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