Ethereum (ETH) Price Holding Uptrend Support And Could Bounce Back

2019-4-19 07:08

ETH price traded further higher above the $175 resistance, but failed to hold gains against the US Dollar. The price corrected lower sharply and tested the key $169-170 support area. There is a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to bounce back as long as it is trading above the $168 level and the 100 hourly SMA.

Ethereum price climbed to new weekly highs versus the US Dollar, following bitcoin increase. ETH spiked above $176 before starting a downside correction towards the $170 support.

Ethereum Price Analysis

Recently, there was a steady rise in Ethereum price above the $170 resistance area against the US Dollar. The ETH/USD pair extended gains above the $175 resistance level and spiked above $176. However, the bulls failed to take the price towards the $180 level and recently the price started a downside correction. The price traded below the $172 level and the 23.6% Fib retracement level of the recent leg from the $165 low to $176 high.

The price even spiked below the $170 level, and the 50% Fib retracement level of the recent leg from the $165 low to $176 high. However, the previous resistance levels at $169 and $170 acted as strong supports. There is also a crucial bullish trend line formed with support at $169 on the hourly chart of ETH/USD. The trend line support holds the key since it is near the $168 pivot level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent leg from the $165 low to $176 high is also near the $169 level to act as a support.

Therefore, as long as the price is above the $168-170 support area, it could bounce back. On the upside, an initial resistance is near the $172 level. If Ethereum gains pace above the $172 level, there are chances of a run towards the $175 and $176 resistance levels.

Looking at the chart, Ethereum price is clearly trading above key support levels near $170. Therefore, the price is likely to climb back above $172 and $174 levels in the near term. On the downside, a break below the $168 support could trigger a fresh decline. The next major support is at $162 level. It is the 1.236 Fib extension level of the recent leg from the $165 low to $176 high.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone, with a few negative signs.

Hourly RSI – The RSI for ETH/USD declined below the 50 level, with a bearish angle.

Major Support Level – $168

Major Resistance Level – $175

The post Ethereum (ETH) Price Holding Uptrend Support And Could Bounce Back appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Lendroid Support Token (LST) на Currencies.ru

$ 0.00049 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: -58.34 %
Cегодня L: $0.00049 - H: $0.00049
Капитализация $0 Rank 3554
Цена в час новости $ 0.0089719 (-94.54%)

support price eth back ethereum uptrend holding

support price → Результатов: 126


Solana Price Analysis & Prediction (Mar 8th) – SOL Plunges to Support, Will Price Make or Break This Lower Range?

Solana remained in a range bound following a temporal hold above two-week support. The price is still within the bulls’ radar. A sharp nosedive at this support should trigger a big down surge. By market cap, the 11th best-performing cryptocurrency seems to have found support above the $20 mark after experiencing a consistent fallout for […]

2023-3-13 10:08