Ethereum Price Technical Analysis – ETH/USD To Surge Higher?

Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price is slowly moving higher and currently trading near $301 against the US Dollar.
  • There are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • A break and close above $303 could take the price towards the next resistance near $318.50.

Ethereum price is testing a major hurdle against the US Dollar and Bitcoin. Let’s see if ETH/USD can break $303 for further upsides in the near term.

Ethereum Price Upside Hurdle

There was a bearish wave in ETH price towards the $288 level recently against the US Dollar. However, the price was able to recover from $288. There was a decent base formed near $288 and the price was able to move above $290. It is now above the 50% Fib retracement level of the last drop from the $306.69 high to $287.13 low. It is a positive sign and the current structure looks bullish above the $280 level.

At the moment, the price is trading near a major resistance zone at $301-303. The $302 level is near the 76.4% Fib retracement level of the last drop from the $306.69 high to $287.13 low. The 100 hourly simple moving average is positioned near $302 to act as an important resistance. Moreover, there are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD. If there is a break and close above $303, the pair could trade towards the next resistance near $318.50.

Ethereum Price Technical Analysis ETH USD

There is another bearish trend line sitting near $318.50. On the flip side, there is a bullish trend line in place at $294.50. The pair might soon break either $303 or $294 for the next move.

Hourly MACD – The MACD is currently flat in the bullish zone.

Hourly RSI – The RSI is heading higher towards the 60 level.

Major Support Level – $294

Major Resistance Level – $303

 

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.

Subscribe to our newsletter



Related Posts