Key Highlights
- ETH price after yesterday’s decline towards $274 against the US Dollar found support and recovered.
- There was a break above two bearish trend lines with resistance at $298 and $320 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to trade higher towards $340, but it has to close above the 100 hourly simple moving average.
Ethereum price reversed most of its losses against the US Dollar and Bitcoin. ETH/USD is above $320 and eyes further upsides in the near term.
Ethereum Price Recovery
Yesterday, we saw a nasty dip in ETH price below the $300 level against the US Dollar. The price traded as low as $274.01 before forming a base and starting a recovery. The price traded nicely and managed to move back above the $300 level. It cracked the 23.6% Fib retracement level of the last decline from the $369.27 high to $274.01 low. It set the tone for further upsides above $300 in the near term.
During the upside, there was a break above two bearish trend lines with resistance at $298 and $320 on the hourly chart of ETH/USD. Furthermore, the pair cleared the 50% Fib retracement level of the last decline from the $369.27 high to $274.01 low. This a great sign and could lift the market sentiment further if the pair stays above $310. At the moment, the pair is attempting a close above $330 and the 100 hourly simple moving average.
Once there is proper close above the 100 hourly simple moving average, there can be a test of $340 or even $350. On the downside, the $310 level is a decent support and buy zone in the near term.
Hourly MACD – The MACD is back in the bullish zone and gaining pace.
Hourly RSI – The RSI is currently heading higher and placed well above the 50 level.
Major Support Level – $310
Major Resistance Level – $350