- Yesterday’s correction wave in ETH price found support near $230 against the US Dollar.
- There is a bullish trend line forming with support at $235 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is trading in a range, and may soon attempt an upside break above $244 in the near term.
Ethereum price is stable and ranging against the US Dollar and Bitcoin, but ETH/USD may soon attempt further gains above $244 going forward.
Ethereum Price Trend Line Support
Yesterday, we discussed the chances of a short-term correction ETH price below $240 against the US Dollar. The price did correct lower, and moved below $240 to trade lower by $10. The price even traded below the 23.6% Fib retracement level of the last wave from the $208.60 low to $244.42 high. It started a downside push, which later found support near $230.
The $230 support acted as a perfect buy zone, and pushed the price back up. It also represents the 38.2% Fib retracement level of the last wave from the $208.60 low to $244.42 high. At the moment, there is a bullish trend line forming with support at $235 on the hourly chart. It may continue to act as a support and push the price towards $244-245. However, there are chances of a couple of swing moves between $242-235 before the price attempts a break.
On the downside, the trend line support at $235 holds the key. A break below it might ignite further corrections in the near term. On the upside, a break above $244 could push the price above $250 in the near term. Rallies in Bitcoin is putting pressure on ETH/USD, but it may remain elevated above $230.
Hourly MACD – The MACD has reduced the bullish slope.
Hourly RSI – The RSI is just holding the 50 level.
Major Support Level – $235
Major Resistance Level – $244
Charts courtesy – SimpleFX