Ethereum Price Technical Analysis – ETH/USD Remains Supported

Key Highlights

• ETH price corrected lower towards $295 against the US Dollar where it found support.
• Yesterday’s highlighted ascending channel pattern with support at $294.20 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
• The pair is testing support and might soon resume its uptrend above $295.00 in the near term.

Ethereum price corrected lower against the US Dollar and Bitcoin, but ETH/USD remains supported above $294 for more gains.

Ethereum Price Support

Yesterday, we saw a decent rise in ETH price above the $302 level against the US Dollar. The price traded towards the $309-310 levels where it faced sellers and started a downside move. During the downside, there was a break below the 23.6% Fib retracement level of the last wave from the $278.95 low to $309.37 high. The price even moved below the $297 support area and the 38.2% Fib level of the same wave.

However, a major support at $294-295 protected losses. Yesterday’s highlighted ascending channel pattern with support at $294.20 on the hourly chart of ETH/USD played its part well. It defended losses below $294 along with the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last wave from the $278.95 low to $309.37 high also protected losses.

It seems like the price has completed a correction at $294. It may soon resume its upside above the $295 level in the near term. On the upside, an initial resistance is at $302. However, the most important support is near the channel resistance of $312. In the short term, one may consider buying dips towards $295. As long as the channel support at $294 is intact, the price might continue moving higher.

Hourly MACD – The MACD has just moved in the bearish zone.

Hourly RSI – The RSI is attempting to move back above the 50 level.

Major Support Level – $294

Major Resistance Level – $312

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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