Ethereum Price Technical Analysis – Can ETH/USD Break $256?

Key Highlights

• ETH price after a sharp decline below $243 against the US Dollar found support and moved higher.
• The ETH/USD pair is currently attempting to break a major resistance trend line at $256 on the hourly chart (data feed via SimpleFX).
• On the downside, the 100 hourly simple moving average as a support is positioned at $249.

Ethereum price recovered well from losses against the US Dollar and Bitcoin, and ETH/USD is now looking to extend gains above a major resistance at $256.

Ethereum Price Trend Line Resistance

Yesterday, we saw a major decline in ETH price towards the $240 level against the US Dollar. The price found support and managed to stay above the $240 support. Furthermore, there was no close below $240 and the 100 hourly simple moving average. The price recovered, and moved above the 38.2% Fib retracement level of the last decline from the $263 high to $238 low.

Later, the price was able to settle above the $250-252 resistance. At the moment, the price is struggling to break a major resistance trend line at $256 on the hourly chart. It is protecting gains above $256 and stopping buyers from taking the price towards the $263 high. A break and close above $256 is needed for buyers to gain momentum. On the downside, the 100 hourly SMA holds the key at $249. Below it, there is a critical bullish trend line support at $244.

An intermediate support is at $247, which is the 50% Fib retracement level of the last wave from the $230 low to $263 high. Overall, there are high chances of an upside break towards $263-265 in the near term as long as ETH stays above $240.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level and heading higher.

Major Support Level – $240

Major Resistance Level – $256

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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