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- ETH price climbed sharply above $300, but it struggled to clear the $315-320 resistance against the US Dollar.
- The price corrected lower, declined below the $300 level, and found support near the $295 level.
- There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting higher, but there are chances of more ranges moves below $320.
Ethereum price is currently consolidating gains in a broad range versus the US Dollar, just like bitcoin. ETH price must stay above $295 and $290 to climb higher once again.
Ethereum Price Analysis
This past week, we saw solid gains in bitcoin and Ethereum above $300 and $10,000 respectively against the US Dollar. The ETH/USD pair gained momentum above the $305 and $310 levels. There was even a close above the $300 level and the 100 hourly simple moving average. The price traded close to the $320 level and a swing high was formed near $318.
It seems like the price struggled to continue above the $315-320 resistance area. As a result, there was a downside correction below the $310 level. There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD. Ethereum price even declined below the $300 support levels. However, the 100 hourly SMA acted as a strong support near the $295 level.
A swing low is formed at $295 and the price is currently moving higher. It is trading above the 23.6% Fib retracement level of the downward move from the $318 high to $295 swing low. On the upside, there are a few hurdles for the bulls near $306 and $310. The 50% Fib retracement level of the downward move from the $318 high to $295 swing low is near the $306 level to prevent upsides.
Moreover, the main resistance is near the $310 level. Therefore, ETH must climb above the $310 level to start a fresh increase. The next key resistances are near $315 and $320, above which the price may perhaps accelerate higher.
Looking at the chart, Ethereum price is facing a lot of resistance below $310. Therefore, there are chances of range moves before the next move (probably above $310 and $315). On the downside, the main support is near the $295 level and the 100 hourly SMA, followed by $290.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a few positive signs.
Major Support Level – $295
Major Resistance Level – $310
