Ethereum Price Technical Analysis – ETH/USD Testing Imp Resistance

Key Highlights

• ETH price traded close to the $309 resistance against the US Dollar, but failed to move higher.
• There is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might dip a few points before attempting another upside break above $309.

Ethereum price is recovering against the US Dollar and Bitcoin. ETH/USD needs to break the $309 resistance for more gains in the near term.

Ethereum Price Resistance

There was a nice upside move in ETH price during the past two sessions above $300 against the US Dollar. The price traded higher and broke the $301 resistance to trade towards the next resistance at $309. The mentioned $309 resistance prevented gains once again and stopped buyers from taking control. There was a rejection and the price started correcting lower towards $301-300. It has moved below the 23.6% Fib retracement level of the last wave from the $289.84 low to $309.08 high.

However, the downside move remains supported near $302 and $301. The 38.2% Fib retracement level of the last wave from the $289.84 low to $309.08 high at $301.72 prevented declines once. Moreover, there is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD. Therefore, the $301-300 levels are important for the current wave in ETH. A close below it could ignite a push towards the 61.8% Fib retracement level of the last wave from the $289.84 low to $309.08 high.

The 100 hourly simple moving average is near $295.00 to act as a support for ETH. As long as the price is above $296, there are chances of it retesting the $309 resistance.

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $301

Major Resistance Level – $309

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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