Ethereum Price Technical Analysis – ETH/USD Eyeing Further Gains

Key Highlights

• ETH price after a minor correction found support at $302 against the US Dollar.
• Yesterday’s highlighted short-term bullish trend line with current support at $304 is still intact on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might continue to move higher and it could even break the last swing high at $309.

Ethereum price is once again gaining bids against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $309.

Ethereum Price Resistance

The past two sessions were mostly ranging above $301 in ETH price against the US Dollar. Yesterday, after a decent upside move towards $309, the price started a downside correction. It moved down and traded below the 23.6% Fib retracement level of the last leg up from the $290.98 low to $309.00 high. However, the downside move was protected by the $301-302 support levels.

Moreover, yesterday’s highlighted short-term bullish trend line with current support at $304 also provided support on the hourly chart of ETH/USD. It acted as a decent buy zone near $302 and prevented further downsides. Besides, the 38.2% Fib retracement level of the last leg up from the $290.98 low to $309.00 high also acted as a support. The pair is once again moving higher and already trading above $304. However, it faces a monster resistance near $309. The stated $309 level prevented further gains on many occasions and it might continue to act as a hurdle.

A proper close above $309 is needed for buyers to take the price above $320 or even higher. On the downside, the trend line support at $304 is a key buy zone. A break of the $304 support would open the doors for further slides towards $297.

Hourly MACD – The MACD is still in the bullish zone.

Hourly RSI – The RSI is above the 50 level and moving higher.

Major Support Level – $304

Major Resistance Level – $309

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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