Key Highlights
- ETH price is slowly moving higher and trading above the $290 level against the US Dollar.
- Yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- The price might dip a few points in the near term, but remains supported above $280.
Ethereum price is grinding higher against the US Dollar and Bitcoin. ETH/USD has to settle above $300 to gain traction in the near term.
Ethereum Price Support
There were slow and steady gains in ETH price as it moved above the $290 level against the US Dollar. The price even managed to move above the $292 resistance zone, which is a positive sign. It means there are chances of it moving towards the 1.236 extension of the last decline from the $293.63 high to $274.78 low. At the moment, the price is consolidating above the $290 level and waiting for buyers to step up the momentum.
On the downside, yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD is still in place. However, the most important support is near $288-285. If the price corrects lower, it might find support near $288. Below $288, the price might extend its decline and could even move towards the $280 level. The current trend support sits near $276 and the 100 hourly simple moving average.
On the upside, a break of the $298.08 level could take the price towards the 1.618 extension of the last decline from the $293.63 high to $274.78 low at $305.28. Buying dips in the short term can be considered, but with caution above the $280 level.
Hourly MACD – The MACD is moving with neutral signs in the bullish zone.
Hourly RSI – The RSI is moving lower, but remains well above the 50 level.
Major Support Level – $280
Major Resistance Level – $300
Charts courtesy – SimpleFX