Technical analysis of Ethereum price Wednesday, May 2, 2018

The Ethereum price reports an increase of 1.82%, raising the price above $ 680.

Highlights

  • The ETH price started a bullish move and rebounded above the $ 640 resistance against the US dollar.
  • There is an important bearish trend line that is formed with resistance to $ 674 on the ETH / USD hourly chart.
  • A break above $ 674 and an obstacle in the trend line could push back the price in a bullish zone.

The price of Ethereum jumped against the US dollar and Bitcoin. ETH / USD now has to overcome a big hurdle at $ 672-674 to get bullish momentum in the short term.

Ethereum price barrier

After a strong downward movement, the ETH price supported about $ 610 against the US dollar. The price started an upward movement and recovered above the resistance levels of $ 620 and $ 640. It also managed to clear the 50% retracement level in the last decline, from the maximum of $ 700 to the minimum of $ 585. The upward recovery was positive as the price also moved above the level of $ 660 and the simple moving average of 100 hours.

However, there is a crucial barrier just above the $ 670 level. A bearish trend line with resistance to $ 674 is also forming on the ETH / USD hourly chart. For the time being, the price is trading near the Fibonacci retracement level of 76.4% of the last decline from the maximum of $ 700 to the minimum of $ 585. Therefore, a break above the trend line is needed. and $ 674 to obtain more profits in the short term. The next stop for buyers in the case mentioned may be around the $ 700 level.

Looking at the chart, the current price action is positive above the 100 hours of SMA and $ 660. Having said that, the price is clearly struggling to break the $ 674 resistance. If the fight continues, there could be a reaction negative towards support levels of $ 660 and $ 640.

Technical indicators

  • MACD per hour: the MACD is slightly located in the bullish zone.
  • RSI per hour: the RSI is now above level 50.
  • Main support level: $ 660
  • Highest resistance level – $ 674