Ethereum Price Technical Analysis – ETH/USD Remains Range Bound

Key Highlights

• ETH price is trading in a range with resistance near the $302-304 levels against the US Dollar.
• There is a key bullish trend line forming with support at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price is now above $295 and the 100 hourly simple moving average, which is a positive sign.

Ethereum price is trading in a tiny range against the US Dollar and Bitcoin. ETH/USD buyers need to gain pace above $304 for further upsides.

Ethereum Price Support

It was a choppy past week for ETH price as there were a few swing moves from well above $300 against the US Dollar. The price traded above $300-301 levels on a couple of occasions, but failed to gain momentum. There is a clear hurdle for buyers forming near $302-304. The mentioned hurdle is preventing gains above the $305 level and stopping a new monthly high. A close above $304 could push the price towards the recent swing high of $311.45.

At the moment, the price is above $295 and the 100 hourly simple moving average, which is a bullish sign. However, it is currently moving lower and already below the 23.6% Fib retracement level of the last wave from the $289.50 low to $306.64 high. On the downside, there is a key bullish trend line forming with support at $297 on the hourly chart of ETH/USD. An intermediate support is near the 100 hourly SMA and the 50% Fib retracement level of the last wave from the $289.50 low to $306.64 high.

As long as the price is above $296-292, it might attempt a break above $304. Above $304, the next resistance for buyers is near $311-312.

Hourly MACD – The MACD is losing grip in the bullish zone.

Hourly RSI – The RSI is about to break the 50 level, which is a negative sign.

Major Support Level – $292

Major Resistance Level – $304

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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