Key Highlights

• ETH price is slowly recovering and is currently trading above the $1050 level against the US Dollar.
• There is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair may slowly move higher towards the last swing high of $1089 and the $1110 resistance area.

Ethereum price is in a bullish trend against the US Dollar and Bitcoin. ETH/USD’s dips remains supported on the downside at $1040 and $1020.

Ethereum Price Support

There was a decent rise in ETH price above the $1050 level against the US Dollar. The price traded as high as $1089 from where a downside correction was initiated. It broke the 23.6% Fib retracement level of the last wave from the $947 low to $1089 high. There was even a break below the $1050 support area, but the downside move found support at $1010.

The 50% Fib retracement level of the last wave from the $947 low to $1089 high acted as a major support. Moreover, there is a bullish trend line forming with current support at $1040 on the hourly chart of ETH/USD. The pair also stayed above the $1000 support and the 100 hourly simple moving average. It recovered later and is currently trading above the $1050 level. As long as the trend line support at $1040 is intact, the price may continue to rise in the near term.

A downside break below $1040 could push the price towards the 76.4% Fib retracement level of the last wave from the $947 low to $1089 high. On the upside, the price will most likely retest the $1089 high. Above $1089, the price may even test the $1110 resistance.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently just above the 50 level with no bearish sign.

Major Support Level – $1040

Major Resistance Level – $1090

Charts courtesy – SimpleFX