Ethereum Price Technical Analysis – ETH/USD Approaching Support

Key Highlights

• ETH price surged higher and traded as high as $344.46 against the US Dollar.
• There is a connecting bullish trend line with support at $308 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is approaching the $310-308 support area and likely to find buyers on the dips.

Ethereum price rocketed higher against the US Dollar and Bitcoin, and ETH/USD is currently correcting and approaching a support area near $308.

Ethereum Price Support

Yesterday, ETH price climbed higher and surged by roughly $40 to trade as high as $344.46 against the US Dollar. The price made a nice upside move and during gains broke the $304 and $308 resistance levels. After trading as high as $344.46, the price faced offers and started correcting lower. It has already moved below the 38.2% Fib retracement level of the last wave from the $280.45 low to $344.46 high.

However, the price is approaching a crucial support zone near $310-308. The mentioned support was a resistance earlier and now it might prevent declines below $300. An initial support is near the 50% Fib retracement level of the last wave from the $280.45 low to $344.46 high at $312.45. Moreover, there is a connecting bullish trend line with support at $308 forming on the hourly chart of ETH/USD. The trend line support at $308 is likely to act as a strong support zone and could act as a buy zone.

It also coincides with the 61.8% Fib retracement level of the last wave from the $280.45 low to $344.46 high. So, if the price continues to move down, the $308-304 support might prevent declines. Buying dips in the short term towards $304 might be considered.

Hourly MACD – The MACD is reducing its bullish zone.

Hourly RSI – The RSI has moved down sharply and currently near the 50 level.

Major Support Level – $308

Major Resistance Level – $330

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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