Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price remained below the $308-310 resistance against the US Dollar.
- There is a connecting bearish trend line with resistance at $308 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- There pair is move to and fro between $290-308 before making the next move in the near term.
Ethereum price remains elevated against the US Dollar and Bitcoin, and ETH/USD might trading in a range above $290 before making the next move.
Ethereum Price Resistance
Recently, there was an upside move towards $308 in ETH price against the US Dollar. The price traded as high as $308.61 where it faced sellers and moved down. During the downside move, it broke a bullish trend line with support at $301.14 on the hourly chart. There was even a break below the 23.6% Fib retracement level of the last wave from the $276.83 low to $308.61 high.
However, the downside move was protected by the 38.2% Fib retracement level of the last wave from the $276.83 low to $308.61 high. The price is now once again moving higher towards the $308 resistance. There is a connecting bearish trend line with resistance at $308 forming on the hourly chart of ETH/USD. This trend line may prevent gains above $310 one more time. In the mentioned case, there could be a retest of the $300-295 area before the price resumes its uptrend.
On the downside, the 50% Fib retracement level of the last wave from the $276.83 low to $308.61 high is a good support at $292.72. Buying dips towards the $292 support and the 100 hourly simple moving average can be considered in the near term.
Hourly MACD – The MACD is reducing its bullish slope and may move into the bearish zone.
Hourly RSI – The RSI is attempting to settle above 50 level, which is a positive sign.
Major Support Level – $292
Major Resistance Level – $308
Charts courtesy – SimpleFX
