- After a move towards $375, ETH price started correcting lower against the US Dollar.
- There is a connecting bearish trend line with resistance at $370 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is holding an important support at $335 and the 100 hourly simple moving average.
Ethereum price is holding key supports against the US Dollar and Bitcoin, and ETH/USD may trade in a range above $335 for some time before the next move.
Ethereum Price Range
We witnessed a decent recovery from the $256.65 low in ETH price against the US Dollar. The price moved higher above the $340 and $350 resistance levels, and recently traded close to the $375 level. It faced sellers near $375, and started a correction. Actually, a connecting bearish trend line with resistance at $370 on the hourly chart of ETH/USD acted as a hurdle. It pushed the price below the 23.6% Fib retracement level of the last wave from the $256 low to $375 high.
At the moment, the price is holding a major support at $335 and the 100 hourly simple moving average. There is also a short-term bullish trend line just around $335. So, it looks like the $335 support and the 100 hourly SMA may act as a crucial pivot for ETH. As long as the price is above $335, there can be a retest of the trend line resistance at $370.
On the other hand, a break below $335 could take the price towards the 50% Fib retracement level of the last wave from the $256 low to $375 high at $315. The overall picture suggests a range pattern for ETH/USD above $330-335 until the next move.
Hourly MACD – The MACD is attempting to move back in the bullish zone.
Hourly RSI – The RSI is just below the 50 level and heading higher.
Major Support Level – $335
Major Resistance Level – $370
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.