Key Highlights
- ETH price recovered well from the $250.73 low against the US Dollar, but facing sellers near $292.
- There is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
- The price has to break the $292 and $294 resistance levels to gain traction in the near term.
Ethereum price has recovered well against the US Dollar and Bitcoin. ETH/USD buyers need to take the pair above $292 for further upsides.
Ethereum Price Upside Barrier
The past 2-3 sessions were decent for ETH price as it managed to settle above the $270 resistance against the US Dollar. The price recovered very well from the $250.73 low and tested the previous resistance zone near $292. There was no upside break above $292-294 and the price started correcting lower. There was a dip below the 23.6% Fib retracement level of the last wave from the $250.73 low to $293.63 high.
However, the downside move found support near $274-275. The 38.2% Fib retracement level of the last wave from the $250.73 low to $293.63 high also acted as a support. Moreover, the 100 hourly simple moving average currently at $273 also provided support. The price recovered and currently trading above $280. On the downside, there is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD.
As long as the pair is above the trend line support, $274 and the 100 hourly simple moving average, it remains supported. On the upside, buyers need to clear the $292-294 resistance area to gather momentum. Above $292, the price might even break $300. On the downside, a break of $270 could take the price back towards $255.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $270
Major Resistance Level – $292-294
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.