Key HighlightsETH price started a fresh upside move from the $826 swing low against the US Dollar. There was a break above a crucial bearish trend line with resistance at $848 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair may continue to move higher as long as it is above the $840 level. Ethereum price is recovering nicely against the US Dollar and Bitcoin. ETH/USD may continue to rise towards the next resistances near $865 and $870. Ethereum Price TrendAfter a steady decline, ETH price found buyers near the $825 level against the US Dollar. The price formed a low at $826 and later it started an upside move. It recovered and traded above the $840 resistance level. The best part was a break and close above the $848 resistance and the 100 hourly simple moving average. These are positive signs with a major support on the downside near $840. During the upside move, there was a break above a crucial bearish trend line with resistance at $848 on the hourly chart of ETH/USD. The pair traded as high as $855 before correcting a few points. It tested the 23.6% Fib retracement level of the last wave from the $826 low to $855 high. However, the broken trend line, the $848 support and the 100 hourly simple moving average acted as key supports. Moreover, on the downside, the 50% Fib retracement level of the last wave from the $826 low to $855 high is at $841. Therefore, the $840-841 zone is a major support area. On the upside, the price is facing a couple of important resistance levels such as $865 and $870. A break and close above the $870 level could clear the path for more gains. Hourly MACD – The MACD is now back in the bullish zone. Hourly RSI – The RSI is now moving higher towards the 65 level. Major Support Level – $840Major Resistance Level – $870 Charts courtesy – SimpleFX Ethereum Price Technical Analysis – ETH/USD Recovery Underway was last modified: March 5th, 2018 by Aayush Jindal