Key Highlights
- ETH price moved higher yesterday above the $325 level against the US Dollar.
- There is a major ascending channel forming with current support at $312 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is currently approaching the $312 support area which should hold the downside move.
Ethereum price made a nice upside move against the US Dollar and Bitcoin. ETH/USD remains in an uptrend with support as $312.
Ethereum Price Support
There were further gains in ETH price above the $308 level against the US Dollar. The price moved above the $315 ad $320 resistance levels to trade as high as $327.28. Later, it faced sellers and started a downside move below the 23.6% Fib retracement level of the last wave from the $304.23 low to $327.28 high. The current wave seems to be a part of a correction towards $312 or even $305.
At present, the price is trading near the 50% Fib retracement level of the last wave from the $304.23 low to $327.28 high. Moreover, there is a major ascending channel forming with current support at $312 on the hourly chart of ETH/USD. The channel support is likely to act as a major support area above $310 in the near term. If there is a break below $310, the price might even test the $305 support.
On the upside, the $321 level is an initial resistance. However, the main hurdle for buyers seem to be around $325-327. A close above $327 would open the doors for more gains toward the $340 level in the near term. The current structure is positive as long as the price is above $312 and $305. Only a close below $305 would negate the current bullish bias.
Hourly MACD – The MACD is slightly reducing the bullish slope.
Hourly RSI – The RSI is currently near the 50 level.
Major Support Level – $312
Major Resistance Level – $325
Charts courtesy – SimpleFX
