Ethereum Price Technical Analysis – ETH/USD to Rise Short-term

Key Highlights

  • ETH price is slowly moving higher and is currently trading above $830 against the US Dollar.
  • There is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely to grind higher and it could even trade above the $860 resistance in the near term.

Ethereum price is slightly bullish against the US Dollar and Bitcoin. ETH/USD is eyeing further gains with supports on the downside at $832 and $825.

Ethereum Price Support

There was a fresh downside wave in ETH price from the $865 high against the US Dollar. The price traded lower and broke the $850 and $840 levels. It traded as low as $814 where buyers prevented further declines. An upside wave was initiated and the price was able to move above the 23.6% Fib retracement level of the last decline from the $865.19 high to $814.03 low.

On the downside, there is a major bullish trend line forming with support at $832 on the hourly chart of ETH/USD….


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