Ethereum Price Technical Analysis – ETH/USD Primed For Lift-Off




Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price recovered well recently and moved above the $293.50 resistance against the US Dollar.
  • There is an ascending channel pattern with support at $290.50 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair might dip a few points, but likely to find support near $293 or $290.

Ethereum price managed to move higher against the US Dollar and Bitcoin, and now ETH/USD is comfortably placed in the bullish zone above $290.50.

Ethereum Price Support

Earlier this week, we saw a declining pattern in ETH price, taking it towards the $270.00 level against the US Dollar. Later, the price started gaining bids after trading as low as $269.00. It moved higher and broke a couple of resistances near $280, $290 and $293. There was a breach of the 50% Fib retracement level of the last decline from the $306.50 high to $269.00 low. It opened the doors for more gains and the price managed to move above a bearish trend line at $287.00 on the hourly chart.

Lastly, there was a break of the $295 level and the 100 hourly simple moving average. These are positive signs as the price traded as high as $304.42. At the moment, the price is correcting lower towards $290. An initial support is near the 23.6% Fib retracement level of the last wave from the $296.00 low to $304.42 high. There is an ascending channel pattern with support at $290.50 forming on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

Moreover, the 38.2% Fib retracement level of the last wave from the $296.00 low to $304.42 high is at $290.89 to act as a support. Overall, buying dips towards $293-290 remains a good option in the near term.

Hourly MACD – The MACD is now placed well in the bullish zone.

Hourly RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $290

Major Resistance Level – $304-305

 

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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