Ethereum Price Analysis: ETH Remains In Strong Uptrend

  • ETH price is slowly moving higher and it remains well supported near $119 against the US Dollar.
  • There is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could dip a few points, but it is likely to find buyers near $119, $118 or $117 in the short term.

Ethereum price is placed nicely in a bullish trend against the US Dollar and bitcoin. ETH/USD may continue to move higher towards $125 and $128 in the coming sessions.

Ethereum Price Analysis

Recently, we saw a short term downside correction from the $125 high in ETH price against the US Dollar. The ETH/USD pair traded below the $122 and $120 support levels. However, the $117-118 area acted as a strong support and prevented further losses. Downsides were contained and later the price moved back above the $119 resistance level. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $125 high to $117 swing low.

The price even spiked above the $121 level and it is currently well above the 100 hourly simple moving average. However, the recent upward move faced sellers near the $122-123 zone. Additionally, the 61.8% Fib retracement level of the recent drop from the $125 high to $117 swing low acted as a resistance. The price is currently placed well above $120 and it seems like it may continue to move higher. On the upside, the main resistances are near the $123 and $125 levels. On the downside, there is a major bullish trend line formed with support at $119 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading with a positive bias above $117 and $119. If there are corrective moves, buyers are likely to protect declines below $117. On the upside, a break above $125 might push the price towards the $128 level.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently just below the 60 level, with a slight bearish angle.

Major Support Level – $119

Major Resistance Level – $123

The post Ethereum Price Analysis: ETH Remains In Strong Uptrend appeared first on NewsBTC.

Ethereum Price Analysis: ETH Remains In Strong Uptrend

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange