Key Highlights
- ETH price is slowly moving higher and trading above the $290 level against the US Dollar.
- Yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- The price might dip a few points in the near term, but remains supported above $280.
Ethereum price is grinding higher against the US Dollar and Bitcoin. ETH/USD has to settle above $300 to gain traction in the near term.
Ethereum Price Support
There were slow and steady gains in ETH price as it moved above the $290 level against the US Dollar. The price even managed to move above the $292 resistance zone, which is a positive sign. It means there are chances of it moving towards the 1.236 extension of the last decline from the $293.63 high to $274.78 low. At the moment, the price is consolidating above the $290 level and waiting for buyers to step up the momentum.
On the downside, yesterday’s highlighted connecting bullish trend line with current support at $290 on the hourly chart of ETH/USD is still in place. However, the most important support is near $288-285. If the price corrects lower, it might find support near $288. Below $288, the price might extend its decline and could even move towards the $280 level. The current trend support sits near $276 and the 100 hourly simple moving average.
On the upside, a break of the $298.08 level could take the price towards the 1.618 extension of the last decline from the $293.63 high to $274.78 low at $305.28. Buying dips in the short term can be considered, but with caution above the $280 level.
Hourly MACD – The MACD is moving with neutral signs in the bullish zone.
Hourly RSI – The RSI is moving lower, but remains well above the 50 level.
Major Support Level – $280
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.