Key Highlights
- ETH price traded with a slight bullish tone and moved above the $300 level against the US Dollar.
- There are two bullish trend lines forming with support at $302.40 and $299.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to move higher and could challenge the $309-310 resistance area.
Ethereum price is crawling higher against the US Dollar and Bitcoin. ETH/USD’s upside remain capped by the $310 and $312.50 resistance levels.
Ethereum Price Resistances
It seems like ETH price is not willing to make a decisive move in an easy way above $315 against the US Dollar. The price traded in a range, but remains above the $298 level. There was a slow and steady rise above the $300 level. Buyers succeeded in clearing the $304 resistance for a short-term high at $306.34. The best part was close above the 100 hourly simple moving average and $300.
At the moment, the price is correcting lower with an initial support near the 23.6% Fib retracement level of the last wave from the $296.02 low to $306.34 high. On the downside, there are two bullish trend lines forming with support at $302.40 and $299.50 on the hourly chart of ETH/USD. The first trend line is very important at $302.40 since it is near the 100 hourly simple moving average. The 38.2% Fib retracement level of the last wave from the $296.02 low to $306.34 high is also at $302.40 to stop the downside move.
Below $302.40, the second trend line near $300 might come into action along with the 61.8% Fib retracement level of the last wave from the $296.02 low to $306.34 high. Overall, the price might trade a points higher, but upsides remain capped by $310 and $312 levels.
Hourly MACD – The MACD is flat in the bearish zone.
Hourly RSI – The RSI is currently just near the 50 level.
Major Support Level – $295
Major Resistance Level – $303
Charts courtesy – SimpleFX