Key Highlights
- ETH price is showing no major bullish sign and remains below $300 against the US Dollar.
- There is a new bullish trend line forming with support at $292 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might move higher, but upsides are likely to be capped by the $300-305 levels.
Ethereum price is not able to gain traction against the US Dollar and Bitcoin. ETH/USD’s upsides remain capped near $300 and $305.
Ethereum Price Support
It was most a choppy period for ETH price as it failed to move above $300 against the US Dollar. The price is slowly moving higher and is currently trading above $292. The recent swing low at $287.63 remains intact and the price is now above the 23.6% Fib retracement level of the last decline from the $309.08 high to $287.63 low. At the moment, the price is trading above $295 and the 100 hourly simple moving average.
However, upsides are likely to remain capped around $300 and $305. An initial resistance is near the 50% Fib retracement level of the last decline from the $309.08 high to $287.63 low. A break above it could signal a short-term positive bias toward $305. Above $305, the price would face a major challenge near the recent high of $308. On the downside, there is a new bullish trend line forming with support at $292 on the hourly chart of ETH/USD.
Moreover, the 100 hourly SMA is also near the trend line support at $292. A break of the $292 support would be a negative signal that could lead the price towards the last swing low of $287.63. Overall, we might see more ranging moves below $305-308 in the short term.
Hourly MACD – The MACD is mostly flat in the bearish zone.
Hourly RSI – The RSI is currently just above the 50 level.
Major Support Level – $292
Major Resistance Level – $305
Charts courtesy – SimpleFX
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