Key Highlights
- ETH price after trading as low as $281.24 found support against the US Dollar.
- There was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to head higher, but faces a major hurdle near $306-308.
Ethereum price is attempting a recovery against the US Dollar and Bitcoin. ETH/USD has to break $306-308 to gain bullish momentum in the near term.
Ethereum Price Resistance
During the past two days, ETH price suffered heavy losses below $325 against the US Dollar. The price declined below the $290 level and traded as low as $281.24. Later, buyers managed to protect further slides and the price started recovering above $285.00. It has breached the 23.6% Fib retracement level of the last decline from the $336.32 high to $281.24 low.
During the upside move, there was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD. It has opened the doors for further gains above $300 in the near term. The next resistance is around the 50% Fib retracement level of the last decline from the $336.32 high to $281.24 low at $308.78. Above $308.78, there is a bearish trend line at $316 on the same chart. Therefore, it won’t be easy for buyers to clear the $308-315 resistance zone.
Moreover, the 100 hourly simple moving average is near $309 to act as a barrier. A proper close above the 100 hourly SMA and $316 is needed for further gains. On the downside, the broken trend line might provide support near $298. Overall, there can be further gains, but the $308 resistance holds a lot of importance.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is now back above the 50 level.
Major Support Level – $298
Major Resistance Level – $308
Charts courtesy – SimpleFX
