- ETH price traded close to the $309 resistance against the US Dollar, but failed to move higher.
- There is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might dip a few points before attempting another upside break above $309.
Ethereum price is recovering against the US Dollar and Bitcoin. ETH/USD needs to break the $309 resistance for more gains in the near term.
Ethereum Price Resistance
There was a nice upside move in ETH price during the past two sessions above $300 against the US Dollar. The price traded higher and broke the $301 resistance to trade towards the next resistance at $309. The mentioned $309 resistance prevented gains once again and stopped buyers from taking control. There was a rejection and the price started correcting lower towards $301-300. It has moved below the 23.6% Fib retracement level of the last wave from the $289.84 low to $309.08 high.
However, the downside move remains supported near $302 and $301. The 38.2% Fib retracement level of the last wave from the $289.84 low to $309.08 high at $301.72 prevented declines once. Moreover, there is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD. Therefore, the $301-300 levels are important for the current wave in ETH. A close below it could ignite a push towards the 61.8% Fib retracement level of the last wave from the $289.84 low to $309.08 high.
The 100 hourly simple moving average is near $295.00 to act as a support for ETH. As long as the price is above $296, there are chances of it retesting the $309 resistance.
Hourly MACD – The MACD is currently moving nicely in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $301
Major Resistance Level – $309
Charts courtesy – SimpleFX