Key Highlights
- ETH price after consolidating above the $240 level against the US Dollar started an upside move.
- There was a break above a major bearish trend line with resistance at $262 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might soon gain traction and could even test the $300 level in the near term.
Ethereum price is attempting a major recovery against the US Dollar and Bitcoin. ETH/USD is above $280 and might test the $300 level soon.
Ethereum Price Resistance
The past two sessions were positive for ETH price as it moved above $250 against the US Dollar. There was a consolidation pattern formed near $240 before a recovery was initiated. The recent upside move was positive, as there was a break of the 61.8% Fib retracement level of the last decline from the $281.31 high to $199.74 low. The price also succeeded in trading above the $260 level and the 100 hourly simple moving average.
These all are bullish signs since the price is above the 76.4% Fib retracement level of the last decline from the $281.31 high to $199.74 low. There was even a break above a major bearish trend line with resistance at $262 on the hourly chart of ETH/USD. The price is now trading near the last swing high of $281 and looks set to break it. Once there is a break, the price could test the 1.236 Fib extension of the last decline from the $281.31 high to $199.74 low at $300.57.
If the current sentiment remains intact, we can even witness a break above $300. As long as the price is above $255 and the 100 hourly simple moving average, it could trade higher.
Hourly MACD – The MACD is now placed well in the bullish zone.
Hourly RSI – The RSI is heading into the overbought levels.
Major Support Level – $260
Major Resistance Level – $300
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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