- ETH price is currently consolidating in a range above the $324.00 level against the US Dollar.
- There is a short-term contracting triangle pattern with resistance near $335.50 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to consolidate above the $324 level before making the next move.
Ethereum price is currently consolidating in a tiny range against the US Dollar and Bitcoin. ETH/USD could move higher above $335 if it stays above $320.
Ethereum Price Resistance
The past two sessions were mostly silent in ETH price as it remained below $335 against the US Dollar. The price traded in a tiny range above the $325 level and the 100 hourly simple moving average. ETH price started consolidating after trading as high as $339.54. It moved below the 23.6% Fib retracement level of the last wave from the $274.01 low to $339.54 high. However, there was no major downside momentum, and the price recovered back above $325.
The 100 hourly simple moving average at $322 acted as a support and stopped the downside move. At the moment, there is a short-term contracting triangle pattern with resistance near $335.50 forming on the hourly chart of ETH/USD. The triangle support is near $324, which is likely to act as a strong barrier for sellers. A break and close below the 100 hourly SMA and $324 could push the price towards $314.50.
The stated $306 level represents the 38.2% Fib retracement level of the last wave from the $274.01 low to $339.54 high. Overall, the price might continue to consolidate above $324 before the next move. One might consider trading with a break above $336 or below $324.
Hourly MACD – The MACD is almost flat with no sign of a break.
Hourly RSI – The RSI is just above the 50 level with no real momentum.
Major Support Level – $324
Major Resistance Level – $336
Charts courtesy – SimpleFX