Ethereum Price Technical Analysis – ETH/USD Calm Before Storm …

Key Highlights

• ETH price remained below the $308-310 resistance against the US Dollar.
• There is a connecting bearish trend line with resistance at $308 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• There pair is move to and fro between $290-308 before making the next move in the near term.

Ethereum price remains elevated against the US Dollar and Bitcoin, and ETH/USD might trading in a range above $290 before making the next move.

Ethereum Price Resistance

Recently, there was an upside move towards $308 in ETH price against the US Dollar. The price traded as high as $308.61 where it faced sellers and moved down. During the downside move, it broke a bullish trend line with support at $301.14 on the hourly chart. There was even a break below the 23.6% Fib retracement level of the last wave from the $276.83 low to $308.61 high.

However, the downside move was protected by the 38.2% Fib retracement level of the last wave from the $276.83 low to $308.61 high. The price is now once again moving higher towards the $308 resistance. There is a connecting bearish trend line with resistance at $308 forming on the hourly chart of ETH/USD. This trend line may prevent gains above $310 one more time. In the mentioned case, there could be a retest of the $300-295 area before the price resumes its uptrend.

On the downside, the 50% Fib retracement level of the last wave from the $276.83 low to $308.61 high is a good support at $292.72. Buying dips towards the $292 support and the 100 hourly simple moving average can be considered in the near term.

Hourly MACD – The MACD is reducing its bullish slope and may move into the bearish zone.

Hourly RSI – The RSI is attempting to settle above 50 level, which is a positive sign.

Major Support Level – $292

Major Resistance Level – $308

 

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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