Ethereum Price Technical Analysis – ETH/USD Gaining Pace




Ethereum price is gaining bids and pace against the US Dollar and Bitcoin, and now ETH/USD is preparing for a move above the $280 level.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price remained in an uptrend and moved a few points above $270 against the US Dollar.
  • There is a crucial bullish trend line forming with support at $266 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • There pair might continue to gain pace and could even break $280 in the near term.

Ethereum price is gaining bids and pace against the US Dollar and Bitcoin, and now ETH/USD is preparing for a move above the $280 level.

Ethereum Price Upside Move

There were slow and steady gains in ETH price above the $260 level against the US Dollar. The price remains in an uptrend and recently traded as high as $273.46 where it faced a minor resistance. Later, a correction was initiated below the $270 level. The price moved below the 23.6% Fib retracement level of the last wave from the $249.48 low to $273.46 high.

On the downside, there are many supports like $265 and $266. There is also a crucial bullish trend line forming with support at $266 on the hourly chart of ETH/USD. The recent correction was prevented by the 38.2% Fib retracement level of the last wave from the $249.48 low to $273.46 high. The downside move or correction seems to be limited as long as the price is above $265. On the upside, the recent high of $273.46 is a short-term resistance.

Ethereum Price Technical Analysis ETH USD

Once buyers succeed in breaking it, there can be a move above $270 or even above $280. If at all there is a close below the trend line support, the price may test the $260 zone. Overall, the price is in an uptrend and eyes more gains above $270 in the near term.

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level and moving higher.

Major Support Level – $265

Major Resistance Level – $275

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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