Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Holding 100 SMA

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price is trading in a range above the $292 support zone against the US Dollar.
  • There is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to trade in a range above $292 before making an upside move.

Ethereum price is trading in a tiny range against the US Dollar and Bitcoin. ETH/USD is holding the 100 hourly SMA and $292, which is a positive sign.

Ethereum Price Range

There was no upside break in ETH price above $298 against the US Dollar. The price continued to trade in a range, but managed to hold the $292-290 support area. It is also placed well above the $288 support and the 100 hourly simple moving average. It recently moved higher from the $287.65 swing low. However, the upside move was protected by the 50% Fib retracement level of the last decline from the $309.10 high to $287.65 low.

The price is now back in a tight range and trading above the $292 support. It seems like there is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD. The pair is likely to trade in a range above the $292-290 support and the 100 hourly simple moving average. The chances of an upside move are more compared to a downside wave. Once there is a break and close above $297, the price could head towards the 61.8% Fib retracement level of the last decline from the $309.10 high to $287.65 low at $300.88.

Ethereum Price Technical Analysis ETH USD

Above $300.88, the next stop could be the $305 swing high. On the downside, the 100 hourly SMA and the $288 swing low are major support zones.

Hourly MACD – The MACD is currently flat with no major bias.

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

Major Support Level – $292

Major Resistance Level – $297

 

Charts courtesy – SimpleFX

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