RATE Group | Ethereum Price Technical Analysis – ETH/USD Recovers Positively
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Ethereum Price Technical Analysis – ETH/USD Recovers Positively

27 Apr Ethereum Price Technical Analysis – ETH/USD Recovers Positively

Posted at 07:19h in Ethereum News by

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Key Highlights

  • ETH price made a nice upside move and broke the $648 resistance against the US Dollar.
  • There was a break above a consolidation triangle pattern at $632 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently trading above $648 and the 100 hourly simple moving average, indicating a bullish bias.

Ethereum price recovered positively against the US Dollar and Bitcoin. ETH/USD must break the $666 resistance to extend gains in the near term.

Ethereum Price Support

After a decline to $595, ETH price started trading in a range around the $615 level against the US Dollar. It formed a base around $615 and later an upside wave was initiated. The price moved higher and broke the 23.6% Fib retracement level of the last downside move from the $710 swing high to $595 low. It cleared the path for more gains and the price moved above $630.

The most crucial break was above a consolidation triangle pattern at $632 on the hourly chart of ETH/USD. The pair gained traction…

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