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ETH/USD Seen Recovering, But Within Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is currently range bound with a slight positive tone against the US Dollar. Let’s see if there can be a retest of $8.50-55 in ETH/USD or not.

Key Highlights

Ether price ended 2016 above the $8.00 support against the US Dollar, and with a slight bullish bias.
There is a bullish trend line formed on the 30-min chart of ETH/USD, which is currently acting as a support above $8.00.
The 2-hour chart points a range pattern with resistance near $8.55, and support at $8.00.

Technically, the indicators on the 2-hour chart almost flat with neutral bias.

Ether Price Holding the $8.50-55 Support

It was an eventful year for the Ether. There were many swing moves in its price against the US Dollar and Bitcoin. We saw ETH/USD moving above $15, and then dipping below $7, and finally closing the year above $8.00.

Ether Price Analysis Chart

There was no yearly close above $10.00. The best part is the fact that the $8.00 level now becomes the yearly pivot zone, and a major support. As long as the price is above it, there are chances of further gains.

Considering the 30-min chart, there is a bullish trend line formed, acting as a support on the downside. It is currently preventing a downside break below the all-important $8.00 support area.

On the upside, there is a resistance trend line, acting as a barrier for a push higher at $8.20. The stated level also coincides with the 38.2% Fib retracement level of the last decline from the $8.55 high to $7.93 low.

So, if there is a close above the highlighted resistance trend line and the $8.20 level, there can be a push towards the 61.8% Fib retracement level of the last decline from the $8.55 high to $7.93 low around $8.40.

Ethereum ETH/USD Chart

The 2-hour chart of ETH/USD clearly points a range pattern with a monster support at $8.00. There are many rejections around the stated support, which means it holds a lot of value.

On the upside, the $8.50-55 area is a breakout resistance. Going forward, we can witness a move towards $8.50 where the Ether buyers might be tested.

Important Resistance Levels

$8.20 and $8.55

Important Support Levels

$8.05 and $8.00

30-min RSI

The RSI technical indicator is below the 50 level, but started moving north.

30-min MACD

The MACD is attempting to move from the bearish to bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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