- 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.
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