Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – Can ETH/USD Bounce Back?

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price is showing no major bullish sign and remains below $300 against the US Dollar.
  • There is a new bullish trend line forming with support at $292 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might move higher, but upsides are likely to be capped by the $300-305 levels.

Ethereum price is not able to gain traction against the US Dollar and Bitcoin. ETH/USD’s upsides remain capped near $300 and $305.

Ethereum Price Support

It was most a choppy period for ETH price as it failed to move above $300 against the US Dollar. The price is slowly moving higher and is currently trading above $292. The recent swing low at $287.63 remains intact and the price is now above the 23.6% Fib retracement level of the last decline from the $309.08 high to $287.63 low. At the moment, the price is trading above $295 and the 100 hourly simple moving average.

However, upsides are likely to remain capped around $300 and $305. An initial resistance is near the 50% Fib retracement level of the last decline from the $309.08 high to $287.63 low. A break above it could signal a short-term positive bias toward $305. Above $305, the price would face a major challenge near the recent high of $308. On the downside, there is a new bullish trend line forming with support at $292 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

Moreover, the 100 hourly SMA is also near the trend line support at $292. A break of the $292 support would be a negative signal that could lead the price towards the last swing low of $287.63. Overall, we might see more ranging moves below $305-308 in the short term.

Hourly MACD – The MACD is mostly flat in the bearish zone.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $292

Major Resistance Level – $305

 

Charts courtesy – SimpleFX

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