01 Feb Ethereum Price Technical Analysis – ETH/USD to Resume Uptrend?
- ETH price recovered well from the $1,009 low and is currently trading above $1,110 against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at $1,090 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently showing a lot of positive signs and it could continue to move above $1,140.
Ethereum price is showing a lot of positive signs against the US Dollar and Bitcoin. ETH/USD is trading above $1,110 and it seems to be resuming its uptrend.
Ethereum Price Support
Yesterday, we saw a major decline in ETH price to well below $1,040 against the US Dollar. The price traded near the $1,000 level and formed a low at $1,009. Later, an upside correction was initiated and the price was able to move above $1,060. There was also a break above the 23.6% Fib retracement level of the last major drop from the $1,229 high to $1,009 low. It opened the doors for more gains and the price moved above $1,075.
Most importantly, yesterday’s highlighted major bearish trend line with resistance at $1,090 was broken on the hourly chart of ETH/USD. At the moment, the price is trading above the 50% Fib retracement level of the last major drop from the $1,229 high to $1,009 low. There are a lot of positive signs above $1,110, but the price has to break the 100 hourly simple moving average at $1,130. Once there is an hourly close above $1,130 and 100 SMA, the price could move further higher.
On the downside, the broken resistance at $1,110 and $1,100 may now act as a support. It seems like the pair is back in an uptrend and it could continue to move higher towards $1,200.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level and is moving higher.
Major Support Level – $1,110
Major Resistance Level – $1,130
Charts courtesy – SimpleFX
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