Ethereum Price Technical Analysis – ETH/USD Steady Above $300

Key Highlights

• ETH price traded with a slight bullish tone and moved above the $300 level against the US Dollar.
• There are two bullish trend lines forming with support at $302.40 and $299.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might continue to move higher and could challenge the $309-310 resistance area.

Ethereum price is crawling higher against the US Dollar and Bitcoin. ETH/USD’s upside remain capped by the $310 and $312.50 resistance levels.

Ethereum Price Resistances

It seems like ETH price is not willing to make a decisive move in an easy way above $315 against the US Dollar. The price traded in a range, but remains above the $298 level. There was a slow and steady rise above the $300 level. Buyers succeeded in clearing the $304 resistance for a short-term high at $306.34. The best part was close above the 100 hourly simple moving average and $300.

At the moment, the price is correcting lower with an initial support near the 23.6% Fib retracement level of the last wave from the $296.02 low to $306.34 high. On the downside, there are two bullish trend lines forming with support at $302.40 and $299.50 on the hourly chart of ETH/USD. The first trend line is very important at $302.40 since it is near the 100 hourly simple moving average. The 38.2% Fib retracement level of the last wave from the $296.02 low to $306.34 high is also at $302.40 to stop the downside move.

Below $302.40, the second trend line near $300 might come into action along with the 61.8% Fib retracement level of the last wave from the $296.02 low to $306.34 high. Overall, the price might trade a points higher, but upsides remain capped by $310 and $312 levels.

Hourly MACD – The MACD is flat in the bearish zone.

Hourly RSI – The RSI is currently just near the 50 level.

Major Support Level – $295

Major Resistance Level – $303

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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