Ethereum Price Technical Analysis – ETH/USD Back in Bullish Zone

Key Highlights

• ETH price gained pace and moved above the $300 barrier against the US Dollar.
• There is a new connecting bullish trend line forming with support at $294 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price is currently correcting lower, but remains supported on the downside.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is now a good buy near the $300-294 levels in the near term.

Ethereum Price Support

It was a good period for ETH price as it moved above the $300 barrier against the US Dollar. Before the upside move, there was a minor dip towards the 50% Fib retracement level of the last wave from the $275.00 low to $295.50 high. Buyers appeared around $285-288 and protected declines. As a result, there was an upside move above the $294-295 resistance levels.

The upside move was strong enough to take out the $300 barrier. It traded as high as $311.45 and is currently correcting lower. The price has breached the 23.6% Fib retracement level of the last wave from the $285.16 low to $311.45 high. There is a new connecting bullish trend line forming with support at $294 on the hourly chart of ETH/USD. Before the trend line support, the 50% Fib retracement level of the last wave from the $285.16 low to $311.45 high is near $298.31.

Overall, the price remains supported on the downside above $295. Not to forget, the mentioned $295 level was a resistance earlier and now it could act as a support. Buying dips towards $298-295 can be considered as long as there is no close below $290. On the upside, an initial resistance is at $311 followed by the $315 level.

Hourly MACD – The MACD is placed well in the bullish zone.

Hourly RSI – The RSI is moving down towards the 50 level.

Major Support Level – $295

Major Resistance Level – $315

 

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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