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Key Highlights
- ETH price is gaining momentum and it could break the $304 resistance for more upsides against the US Dollar.
- There was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might decline a few points towards $290 and $288 before climbing higher in the near term.
Ethereum price is placed nicely in a bullish zone against the US Dollar, but it is struggling versus bitcoin. ETH/USD may soon break $304 to gain momentum.
Ethereum Price Trend
There were mostly range moves above the $277 level in ETH price during the past few sessions against the US Dollar. The ETH/USD pair formed a decent support near $277 and later started an upside move. It traded above the 50% Fib retracement level of the last drop from the $331 high to $250 low. There were a couple of bullish candles formed above $280, but bulls failed to gain momentum.
More importantly, there was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD. The pair is now trading above the $290 level and the 100 hourly simple moving average. If the recent break is true and buyers gain traction, the price may well move past the $304 resistance. Above this, the next resistance is near the 76.4% Fib retracement level of the last drop from the $331 high to $250 low. Finally, the price might aim to test the last swing high at $331-332.
Looking at the chart, ETH price is trading with a positive bias above $277-280. In the short term, there could be a tiny bearish reaction, but the price is likely to find support near the $282 and $277 levels.
Hourly MACD – The MACD is showing positive signs in the bullish zone.
Hourly RSI – The RSI is now placed well above the 50 level with a bullish angle.
Major Support Level – $277
Major Resistance Level – $304
