Key Highlights

ETH price started a correction from the $49.74 high against the US Dollar, and moved lower by more than $10.

The price later completed a correction near $30.36 and moved higher once again.

During the upside, it broke a bearish trend line with resistance at $37.75 on the hourly chart (ETH/USD, data feed via SimpleFX).

Ethereum price after a decline towards $30.50 found support against the US Dollar, and now ETH/USD is back trading higher.

Ethereum Price is Gaining Bids

This past week was more of a correction period for ETH price against the US Dollar, as it moved towards $30.50. After trading as high as $49.74, the price found sellers, and moved down. There was even a decline below the 50% Fib retracement level of the last wave from the $28.31 low to $49.74 high. However, the price later managed to find support near $30.50, and started moving higher.

The upside move was nice, as there was a close above the 23.6% Fib retracement level of the last decline from the $49.74 high to $30.36 low. Later, the ETH/USD pair was able to clear a bearish trend line with resistance at $37.75 on the hourly chart (data feed via SimpleFX). Then, there was a close above the 50% Fib retracement level of the last decline from the $49.74 high to $30.36 low. Finally, the pair also climbed above the 100 hourly simple moving average at $40.05.

Overall, it looks like the price is back in the bullish zone, and now trading above $40.50. There can be another dip towards the 100 SMA where buyers could take a stand near $40.05. On the upside, a major resistance is at $45.

Hourly MACD – The MACD is now back in bullish area, which is a positive sign.

Hourly RSI – The RSI is well positioned above the 50 level.

Major Support Level – $40.05

Major Resistance Level – $45.00

Charts courtesy – SimpleFX