Ethereum Price Technical Analysis – ETH/USD Holding 100 SMA …

Key Highlights

• ETH price after a sharp correction towards $290.00 against the US Dollar found support and moved higher.
• There was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair is currently well above the 100 hourly simple moving average and the $308 support.

Ethereum price is again moving higher against the US Dollar, but struggling against Bitcoin. However, ETH/USD is holding 100 SMA and $308 at the moment.

Ethereum Price Recovery

There was a sharp decline from the $344 high in ETH price against the US Dollar. The price even traded below the $304-308 support area and broke the $300 handle. It traded as low as $290.34 where it found support and later started a recovery. There was an upside move above the 23.6% Fib retracement level of the last decline from the $344.46 high to $290.34 low. The price was also able to move back above the 100 hourly simple moving average and the $308 support.

Moreover, there was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD. It has opened the doors for more gains above $310 in the near term. On the upside, the main hurdle for buyers is near the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low at $317. A successful close above $317-318 could lift the market sentiment, taking ETH above the $325 level.

On the downside, the $304 support zone might continue to act as a barrier along with the 100 hourly simple moving average. Buying dips towards $304 can be considered in the short term with a stop below $300.

Hourly MACD – The MACD is moving back in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level and stable.

Major Support Level – $304

Major Resistance Level – $317

 

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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