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Key Highlights

  • ETH price after trading as low as $281.24 found support against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to head higher, but faces a major hurdle near $306-308.

Ethereum price is attempting a recovery against the US Dollar and Bitcoin. ETH/USD has to break $306-308 to gain bullish momentum in the near term.

Ethereum Price Resistance

During the past two days, ETH price suffered heavy losses below $325 against the US Dollar. The price declined below the $290 level and traded as low as $281.24. Later, buyers managed to protect further slides and the price started recovering above $285.00. It has breached the 23.6% Fib retracement level of the last decline from the $336.32 high to $281.24 low.

During the upside move, there was a break above a key bearish trend line with resistance near $297.50 on the hourly chart of ETH/USD. It has opened the doors for further gains above $300 in the near term. The next resistance is around the 50% Fib retracement level of the last decline from the $336.32 high to $281.24 low at $308.78. Above $308.78, there is a bearish trend line at $316 on the same chart. Therefore, it won’t be easy for buyers to clear the $308-315 resistance zone.

Moreover, the 100 hourly simple moving average is near $309 to act as a barrier. A proper close above the 100 hourly SMA and $316 is needed for further gains. On the downside, the broken trend line might provide support near $298. Overall, there can be further gains, but the $308 resistance holds a lot of importance.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI is now back above the 50 level.

Major Support Level – $298

Major Resistance Level – $308

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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