Ethereum Price Technical Analysis – ETH/USD Recovering Higher

Key Highlights

• ETH price after trading as low as $286.13 against the US Dollar started a short-term correction.
• There was a break above a steep bearish trend line with resistance at $293.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair might continue to move higher and could even test a major hurdle near $313-316.

Ethereum price is recovering against the US Dollar and Bitcoin, and ETH/USD might soon head higher towards the previous swing high near $315.

Ethereum Price Resistance

This past week during the end, we saw a decline in ETH price below the $300 handle against the US Dollar. The price traded below the $290 level and traded as low as $286.13 where it found support. Later, after a minor consolidation, a recovery above $290 started. The price moved above the 23.6% Fib retracement level of the last decline from the $317.74 high to $286.13 low.

There was also a break above a steep bearish trend line with resistance at $293.50 on the hourly chart of ETH/USD. The mentioned trend line break above $295 has cleared the path for more gains. The price even traded above the 100 hourly simple moving average and $300. At the moment, it is facing sellers near the 61.8% Fib retracement level of the last decline from the $317.74 high to $286.13 low. There is a chance of a minor pullback towards the 100 hourly SMA or $298.

On the upside, there are chances of ETH price testing the last swing area of $315. There are two important resistances at $313 and $316. So, it would be interesting to see whether sellers are able to protect gains above $316 in the near term.

Hourly MACD – The MACD is about to move from the bearish to bullish zone.

Hourly RSI – The RSI has moved above the 50 level.

Major Support Level – $298

Major Resistance Level – $316

 

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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