Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price is trading in a range above the $292 support zone against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to trade in a range above $292 before making an upside move.
Ethereum price is trading in a tiny range against the US Dollar and Bitcoin. ETH/USD is holding the 100 hourly SMA and $292, which is a positive sign.
Ethereum Price Range
There was no upside break in ETH price above $298 against the US Dollar. The price continued to trade in a range, but managed to hold the $292-290 support area. It is also placed well above the $288 support and the 100 hourly simple moving average. It recently moved higher from the $287.65 swing low. However, the upside move was protected by the 50% Fib retracement level of the last decline from the $309.10 high to $287.65 low.
The price is now back in a tight range and trading above the $292 support. It seems like there is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD. The pair is likely to trade in a range above the $292-290 support and the 100 hourly simple moving average. The chances of an upside move are more compared to a downside wave. Once there is a break and close above $297, the price could head towards the 61.8% Fib retracement level of the last decline from the $309.10 high to $287.65 low at $300.88.
Above $300.88, the next stop could be the $305 swing high. On the downside, the 100 hourly SMA and the $288 swing low are major support zones.
Hourly MACD – The MACD is currently flat with no major bias.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $292
Major Resistance Level – $297
Charts courtesy – SimpleFX