Ethereum Price Technical Analysis – ETH/USD Breaks Key Hurdle

Key Highlights

• ETH price after yesterday’s decline towards $274 against the US Dollar found support and recovered.
• There was a break above two bearish trend lines with resistance at $298 and $320 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might continue to trade higher towards $340, but it has to close above the 100 hourly simple moving average.

Ethereum price reversed most of its losses against the US Dollar and Bitcoin. ETH/USD is above $320 and eyes further upsides in the near term.

Ethereum Price Recovery

Yesterday, we saw a nasty dip in ETH price below the $300 level against the US Dollar. The price traded as low as $274.01 before forming a base and starting a recovery. The price traded nicely and managed to move back above the $300 level. It cracked the 23.6% Fib retracement level of the last decline from the $369.27 high to $274.01 low. It set the tone for further upsides above $300 in the near term.

During the upside, there was a break above two bearish trend lines with resistance at $298 and $320 on the hourly chart of ETH/USD. Furthermore, the pair cleared the 50% Fib retracement level of the last decline from the $369.27 high to $274.01 low. This a great sign and could lift the market sentiment further if the pair stays above $310. At the moment, the pair is attempting a close above $330 and the 100 hourly simple moving average.

Once there is proper close above the 100 hourly simple moving average, there can be a test of $340 or even $350. On the downside, the $310 level is a decent support and buy zone in the near term.

Hourly MACD – The MACD is back in the bullish zone and gaining pace.

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

Major Support Level – $310

Major Resistance Level – $350

 

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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