Ethereum Price Technical Analysis – ETH/USD Attempts Recovery

Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price after trading as low as $281.24 found support against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to head higher, but faces a major hurdle near $306-308.

Ethereum price is attempting a recovery against the US Dollar and Bitcoin. ETH/USD has to break $306-308 to gain bullish momentum in the near term.

Ethereum Price Resistance

During the past two days, ETH price suffered heavy losses below $325 against the US Dollar. The price declined below the $290 level and traded as low as $281.24. Later, buyers managed to protect further slides and the price started recovering above $285.00. It has breached the 23.6% Fib retracement level of the last decline from the $336.32 high to $281.24 low.

During the upside move, there was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD. It has opened the doors for further gains above $300 in the near term. The next resistance is around the 50% Fib retracement level of the last decline from the $336.32 high to $281.24 low at $308.78. Above $308.78, there is a bearish trend line at $316 on the same chart. Therefore, it won’t be easy for buyers to clear the $308-315 resistance zone.

Ethereum Price Technical Analysis ETH USD

Moreover, the 100 hourly simple moving average is near $309 to act as a barrier. A proper close above the 100 hourly SMA and $316 is needed for further gains. On the downside, the broken trend line might provide support near $298. Overall, there can be further gains, but the $308 resistance holds a lot of importance.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is now back above the 50 level.

Major Support Level – $298

Major Resistance Level – $308

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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