Ethereum Price Technical Analysis – Simple Uptrend Pullback

Ethereum Price Key Highlights

  • Ethereum price is starting a new uptrend on the 1-hour chart, moving above a rising trend line connecting the latest lows of price action.
  • Price could be in for a quick pullback to the support area at 0.00250BTC since the resistance near the psychological 0.00300BTC mark held.

Ethereum price is making a correction from its recent climb, potentially drawing more buyers to the mix and extending its gains.

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Dynamic Support at 100 SMA

The moving averages are supporting the idea of further gains, as the 100 SMA is treading above the longer-term 200 SMA. In addition, the 100 SMA is near the rising trend line and might also hold as a dynamic support level.

Stochastic and RSI are both pointing down, which suggests that buyers are taking a break and allowing sellers to take control of direction. Once the indicators reach the oversold area and turn higher, buyers could get back in the game.

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A small complex head and shoulders pattern can be seen at the top of the latest rally, suggesting that a quick correction is in order. The 0.00250BTC level might be the line in the sand for any retracements, as a break below this region could signal the start of a downtrend.

Intraday support level – 0.00250BTC

Intraday resistance level – 0.00300BTC

Charts from TradingView

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