- ETH price after a sharp decline below $243 against the US Dollar found support and moved higher.
- The ETH/USD pair is currently attempting to break a major resistance trend line at $256 on the hourly chart (data feed via SimpleFX).
- On the downside, the 100 hourly simple moving average as a support is positioned at $249.
Ethereum price recovered well from losses against the US Dollar and Bitcoin, and ETH/USD is now looking to extend gains above a major resistance at $256.
Ethereum Price Trend Line Resistance
Yesterday, we saw a major decline in ETH price towards the $240 level against the US Dollar. The price found support and managed to stay above the $240 support. Furthermore, there was no close below $240 and the 100 hourly simple moving average. The price recovered, and moved above the 38.2% Fib retracement level of the last decline from the $263 high to $238 low.
Later, the price was able to settle above the $250-252 resistance. At the moment, the price is struggling to break a major resistance trend line at $256 on the hourly chart. It is protecting gains above $256 and stopping buyers from taking the price towards the $263 high. A break and close above $256 is needed for buyers to gain momentum. On the downside, the 100 hourly SMA holds the key at $249. Below it, there is a critical bullish trend line support at $244.
An intermediate support is at $247, which is the 50% Fib retracement level of the last wave from the $230 low to $263 high. Overall, there are high chances of an upside break towards $263-265 in the near term as long as ETH stays above $240.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level and heading higher.
Major Support Level – $240
Major Resistance Level – $256
Charts courtesy – SimpleFX