- ETH price is trading higher and is currently attempting a break above $346 against the US Dollar.
- There is a new connecting bullish trend line forming with support at $336 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might attempt an upside break towards $352 in the near term.
Ethereum price is gaining strong bids against the US Dollar and Bitcoin. ETH/USD might soon break $346 for a move towards $352 or higher.
Ethereum Price Resistance
The past few days were pretty decent for ETH price since it moved above $330 against the US Dollar. The price recently attempted a break above $345-346, but failed. There were 2-3 attempts already, but buyers were not able to push the price above $346. They are once again attempting a break above $346 and it seems like they would succeed sooner or later.
On the downside, there is a new connecting bullish trend line forming with support at $336 on the hourly chart of ETH/USD. There is a chance of a minor dip in ETH towards the trend line support at $336-335 before a break. Once there is a break of $346, the pair could test $352. The mentioned $352 resistance is the 1.236 extension of the last decline from the $346.05 high to $317.51 low. Above $352, the next resistance could be $363. It is the 1.618 extension of the last decline from the $346.05 high to $317.51 low.
Overall, the market sentiment is super positive for ETH/USD above $330. There are strong chances of an upside break above $346 in the near term. Once there is a break, the price could spike higher by $10 or more. On the downside, the 100 hourly SMA at $326 is also a strong support.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI has moved back above the 60 level.
Major Support Level – $330
Major Resistance Level – $346
Charts courtesy – SimpleFX