Key Highlights
- ETH price is slowly moving higher and recently broke the $312 resistance against the US Dollar.
- There is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is about to dip or correct lower, but remains supported above the $305 level.
Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD is now well above $305 and looking to extend gains.
Ethereum Price Trend
There was a decent upside move in ETH price from $297 against the US Dollar. The price gained pace and moved above the $307 level and the 100 hourly simple moving average. The current wave is positive above the 50% Fib retracement level of the last decline from the $326 high to $288 low. At present, the price is attempting a close above a bearish trend line with resistance at $313.
If buyers succeed in gaining momentum above $315, there can be more upsides above $320. On the downside, there is a major bullish trend line forming with support at $308 on the hourly chart of ETH/USD. An initial support is around the 23.6% Fib retracement level of the last wave from the $301.45 low to $316.30 high. However, the most important support is near $305-307 and the 50% Fib retracement level of the last wave from the $301.45 low to $316.30 high.
The current price action is positive above $305, but buyers need to push the price above $320. If they fail, there is a chance of a downside reaction back towards $300. On the upside, if there is a break above $320, the price could test the $326-328 area. Any further gains depend on whether ETH/USD can move above $330 or not.
Hourly MACD – The MACD is slowly moving in the bullish slope.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $307
Major Resistance Level – $320
Charts courtesy – SimpleFX