- ETH price moved to and fro above the $250 level this past week against the US Dollar.
- There is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct a few points towards $285-280, but it remains supported on the downside.
Ethereum price is slowly moving higher against the US Dollar, but declined versus Bitcoin. ETH/USD is showing positive signs, but buyers need to gain pace.
Ethereum Price Rise
There were a few swing moves in ETH price above $250 against the US Dollar. The price faced heavy offers and declined on the a few occasions from $305 and $310. However, one positive sign is the fact that the price remains in the bullish zone above $250 and the 100 simple moving average (H4). At the moment, there is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD.
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The channel support is also near the 100 simple moving average (H4) at $282.00. Therefore, the $282 level is very important. A break below the channel support at $282-280 and the 100 SMA might push the pair further lower. More importantly, the channel support is also near the 50% Fib retracement level of the last wave from the $250.73 low to $311.45 high.
An intermediate support is near $288 and the 38.2% Fib retracement level of the last wave from the $250.73 low to $311.45 high. On the upside, the channel resistance is near $315.00. Before $315, the recent high at $311 might act as a resistance. Overall, buying dips towards the channel support or $288 might be considered as long as the price is above the 100 SMA (H4).
4-hours MACD – The MACD is slightly in the bullish zone.
4-hours RSI – The RSI is holding the 50 level.
Major Support Level – $282
Major Resistance Level – $315
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.