- ETH price after consolidating above the $240 level against the US Dollar started an upside move.
- There was a break above a major bearish trend line with resistance at $262 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might soon gain traction and could even test the $300 level in the near term.
Ethereum price is attempting a major recovery against the US Dollar and Bitcoin. ETH/USD is above $280 and might test the $300 level soon.
Ethereum Price Resistance
The past two sessions were positive for ETH price as it moved above $250 against the US Dollar. There was a consolidation pattern formed near $240 before a recovery was initiated. The recent upside move was positive, as there was a break of the 61.8% Fib retracement level of the last decline from the $281.31 high to $199.74 low. The price also succeeded in trading above the $260 level and the 100 hourly simple moving average.
These all are bullish signs since the price is above the 76.4% Fib retracement level of the last decline from the $281.31 high to $199.74 low. There was even a break above a major bearish trend line with resistance at $262 on the hourly chart of ETH/USD. The price is now trading near the last swing high of $281 and looks set to break it. Once there is a break, the price could test the 1.236 Fib extension of the last decline from the $281.31 high to $199.74 low at $300.57.
If the current sentiment remains intact, we can even witness a break above $300. As long as the price is above $255 and the 100 hourly simple moving average, it could trade higher.
Hourly MACD – The MACD is now placed well in the bullish zone.
Hourly RSI – The RSI is heading into the overbought levels.
Major Support Level – $260
Major Resistance Level – $300
Charts courtesy – SimpleFX