Ethereum Price Technical Analysis – ETH/USD Breakout Pattern

Aayush Jindal

1 year ago

2 mins read

Ethereum Price Technical Analysis ETH USD

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Key Highlights

ETH price is slowly preparing for the next move and placed well above $291.50 against the US Dollar.
There is a major contracting triangle forming with resistance at $301.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
The price has to clear the $301-302 resistance to gain traction in the near term.

Ethereum price is slowly recovering against the US Dollar and Bitcoin. ETH/USD needs to clear the $301-302 area for more gains in the near term.

Ethereum Price Resistance

There were a couple of tiny swing moves in ETH price towards the $292-294 support zone against the US Dollar. The downside reaction was mostly supported by the $292 level and the price remains range bound. It seems like there is a major contracting triangle forming with resistance at $301.50 on the hourly chart of ETH/USD. The pair recently tested the triangle resistance near $302.60 and declined back towards $295.

A low was formed at $294.15 and the price was able to gather bids to move above the 100 hourly simple moving average. It has moved above the 23.6% Fib retracement level of the last decline from the $302.62 high to $294.15 low. The current price action is positive, and it seems like the price might soon test the 61.8% Fib retracement level of the last decline from the $302.62 high to $294.15 low. However, the upside move is likely to be capped by $300-301.

A proper break above the triangle resistance at $301.50-302.00 is required for more gains in the near term. Until there is a break, ETH might continue to move inside a range above $292. On the upside, the $309-310 remains a major hurdle for buyers in the medium term.

Hourly MACD – The MACD is not showing any major bullish signs.

Hourly RSI – The RSI is currently just above the 50 level with bullish angle.

Major Support Level – $292

Major Resistance Level – $302

Charts courtesy – SimpleFX

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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