Key Highlights
- ETH price gained strength recently and cleared a major resistance at $312 against the US Dollar.
- There is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct a few points from the current levels towards $325-320 in the short term.
Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD remains in an uptrend above $320 and likely gain further in the near term.
Ethereum Price Resistance
There was a finally an upside wave in ETH price above the $320 level against the US Dollar. The price managed to break an important resistance area at $312 and moved higher. The upside move was strong and the price cleared the $325 and $335 level for more gains. A new weekly high was formed at $346.65 where sellers appeared and prevented further upsides.
Actually, there is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD. The channel resistance near $345-346 is preventing further gains and stopping buyers to take control. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $285.08 low to $346.65 high. If there is a break of $332, there can be more losses towards $323.
The most important support is now at the 50% Fib retracement level of the last wave from the $285.08 low to $346.65 high near $315. Any major downsides should be limited in the near term as long as the price is above $315. Moreover, the channel support is at $300 along with the 100 simple moving average (H4). Therefore, the $300 level can be seen as the current trend support.
4-hours MACD – The MACD is gaining momentum in the bullish zone.
4-hours RSI – The RSI is correcting lower towards the 50 level.
Major Support Level – $315
Major Resistance Level – $346
Charts courtesy – SimpleFX