Key Highlights
- ETH price after a sharp correction towards $290.00 against the US Dollar found support and moved higher.
- There was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently well above the 100 hourly simple moving average and the $308 support.
Ethereum price is again moving higher against the US Dollar, but struggling against Bitcoin. However, ETH/USD is holding 100 SMA and $308 at the moment.
Ethereum Price Recovery
There was a sharp decline from the $344 high in ETH price against the US Dollar. The price even traded below the $304-308 support area and broke the $300 handle. It traded as low as $290.34 where it found support and later started a recovery. There was an upside move above the 23.6% Fib retracement level of the last decline from the $344.46 high to $290.34 low. The price was also able to move back above the 100 hourly simple moving average and the $308 support.
Moreover, there was a break above a steep bearish trend line with resistance at $308 on the hourly chart of ETH/USD. It has opened the doors for more gains above $310 in the near term. On the upside, the main hurdle for buyers is near the 50% Fib retracement level of the last decline from the $344.46 high to $290.34 low at $317. A successful close above $317-318 could lift the market sentiment, taking ETH above the $325 level.
On the downside, the $304 support zone might continue to act as a barrier along with the 100 hourly simple moving average. Buying dips towards $304 can be considered in the short term with a stop below $300.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level and stable.
Major Support Level – $304
Major Resistance Level – $317
Charts courtesy – SimpleFX
