Ethereum Price Technical Analysis – Can ETH/USD Capitalize?

Key Highlights

• ETH price is attempting an upside move above $290 against the US Dollar, but lacking momentum.
• There was a break above a key bearish trend line with resistance at $290 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price needs to gain pace above $292 to surpass the 100 hourly simple moving average.

Ethereum price is attempting an upside move against the US Dollar and Bitcoin. ETH/USD needs to gather pace above $292 in order to capitalize further.

Ethereum Price Resistance

There were multiple attempts to break the $287-286 support zone in ETH price against the US Dollar. The price formed a decent support at $286 and started an upside move. It broke the 23.6% Fib retracement level of the last decline from the $303.63 high to $285.75 low. Moreover, there was a break above a key bearish trend line with resistance at $290 on the hourly chart of ETH/USD. These are positive signs above $290, but the pair is lacking momentum.

Therefore, any further gains above $292 won’t be easy. The most important resistance is near the 50% Fib retracement level of the last decline from the $303.63 high to $285.75 low. The 100 hourly simple moving average is also near $294 to act as a hurdle. There is a chance of another dip in prices towards $290-288 before buyers step in again.

As long as the price is above $287-286, it remains supported. Any dips can be bought above $286, but with caution. A close below the stated support might take the price towards $277. On the upside, buyers need to gain momentum above $292 and $294 to register good gains in the near term.

Hourly MACD – The MACD is almost flat and attempting to settle in the bullish zone.

Hourly RSI – The RSI is just near the 50 level and struggling to gain momentum.

Major Support Level – $286

Major Resistance Level – $294

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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