Ethereum Price Technical Analysis – ETH/USD Dips and Rips Higher

Key Highlights

  • ETH price corrected sharply lower after trading to a new high at $864.53 against the US Dollar.
  • A bullish trend line with current support at $715 acted as a buy zone on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently moving higher and is attempting an upside break above $800.

Ethereum price is placed nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD may soon break $800-805 once again for more gains.

Ethereum Price Support

There were heavy swing moves in ETH price recently above $700 against the US Dollar. The price gained solid momentum, moved above the $800 level and traded to a new high at $864.53. Later, the price failed to retain momentum and started a downside below $800. There was a sharp downside reaction and the price broke the $750 and $720 support levels as well. The decline was nasty and the price finally found support around $700 and the 100 hourly simple moving average.

Moreover, a bullish trend line…

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