Tuesday, January 31, 2023
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    Ethereum Price Technical Analysis – ETH/USD Recovers Sharply

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    Key Highlights

    • ETH price after declining towards the $270 level found support against the US Dollar and recovered well.
    • Yesterday’s highlighted major bearish trend line with resistance near $296 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
    • The price might dip a few points from the current levels, but remain supported near $295-292.

    Ethereum price bounced back sharply against the US Dollar and Bitcoin. ETH/USD is now back in the bullish zone above $290 and the 100 hourly SMA.

    Ethereum Price Upside Move

    There were further declines in ETH price yesterday towards $270 against the US Dollar. The price traded as low as $272.67 before finding strong bids. It recovered well and moved above the 61.8% Fib retracement level of the last decline from the $308.40 high to $272.67 low. There was even a break above the $300 handle and the 100 hourly simple moving average, which is a great sign.

    During the upside, there was a break above yesterday’s highlighted major bearish trend line with resistance near $296 on the hourly chart of ETH/USD. All these are positive signs above $295. A high was formed recently at $309.08 and it seems like the price might correct a bit in the short term. It is approaching the 23.6% Fib retracement level of the last wave from the $272.67 low to $309.08 high. However, the most important support is near $295-292.

    The mentioned support also coincides with the 100 hourly SMA and the 38.2% Fib retracement level of the last wave from the $272.67 low to $309.08 high. Moreover, the last swing low at $286.50 might also act as a strong support once again. Overall, the price is back in the bullish zone above $290 in the short term.

    Hourly MACD – The MACD is now back in the bullish zone.

    Hourly RSI – The RSI is currently near the overbought levels.

    Major Support Level – $295

    Major Resistance Level – $308

     

    Charts courtesy – SimpleFX

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