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Key Highlights
- ETH price has recovered well from the $286 low against the US Dollar.
- There was a break above a short-term bearish trend line with resistance at $289 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is now above the 100 hourly simple moving average and $292, which is a positive sign.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD might soon retest the $300.00 level in the near term.
Ethereum Price Recovery
There was a recovery phase initiated in ETH price from the $286 swing low against the US Dollar. The price moved higher and was able to break the 50% Fib retracement level of the last drop from the $303.50 high to $285.60 low. It opened the doors for more gains and the price moved above $294 and the 100 hourly simple moving average. Moreover, there was a break above a short-term bearish trend line with resistance at $289 on the hourly chart of ETH/USD.
The pair traded as high as $296.30 and is currently correcting lower. It traded a few points below the 23.6% Fib retracement level of the last wave from the $285.24 low to $296.30 high. However, the downside move was prevented by $292 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $292. Therefore, the price is currently supported above $292 and looks set to gain pace in the near term.
On the upside, the recent high of $296.30 is a short-term resistance. A clear break above the $296.00 level might call for a test of the $300 handle. The mentioned $300 level might once again act as a major barrier for buyers.
Hourly MACD – The MACD is currently reducing its bullish slope.
Hourly RSI – The RSI is comfortably placed above the 50 level.
Major Support Level – $292
Major Resistance Level – $300
Charts courtesy – SimpleFX
