Key Highlights
- ETH price continued to gain momentum and was able to move above the $290 resistance against the US Dollar.
- There are two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD (data feed via SimpleFX).
- There pair remains buy on dips near $300-285 and it is most likely to extend gains in the near term.
Ethereum price remained well bids against the US Dollar and Bitcoin, and now ETH/USD is placed well above the $290 resistance (now support).
Ethereum Price Surges Higher
It’s been a good week for ETH price as it moved above the $290 resistance against the US Dollar. The recent upside move was positive, as there was a close above the $260 and $290 resistance. It has cleared the path for more gains. Today, the price even cleared the $300 handle and traded as high as $313.18 where it faced strong offers. A correction wave is about to start towards $300 or lower, but the price remains supported in the near term.
An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $264.10 low to $313.18 high. There are also two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD. The first trend line is a short-term support at $300. However, the most important support is near $285. It also coincides with the 50% Fib retracement level of the last wave from the $264.10 low to $313.18 high.
As long as the price is above the $300 and $285 support levels, it is likely to continue higher. Buying dips towards $285 may be considered in the near term.
Hourly MACD – The MACD is gaining extreme momentum in the bullish zone.
Hourly RSI – The RSI is correcting from the overbought levels.
Major Support Level – $285
Major Resistance Level – $315
Charts courtesy – SimpleFX
