Key Highlights
- ETH price is recovering after trading as low as $282.73 and formed a decent support against the US Dollar.
- There is an ascending channel forming with current support at $296 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to rise slowly and steadily above the $300 and $308 resistance levels in the near term.
Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD could accelerate gains above the $308 levels if it stays above $290.
Ethereum Price Support
There was a key downside correction initiated from the $320 swing high in ETH against the US Dollar. The ETH/USD pair declined below the $300 level and traded close to the $282 support level. A low was formed at $282.73 and later the price started an upside correction. It moved above the $295 level and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $321 high to $282 low.
However, the upside move was prevented by the $308-310 resistance zone. Additionally, the 61.8% Fib retracement level of the last slide from the $321 high to $282 low also acted as a resistance. At the moment, it seems like there is an ascending channel forming with current support at $296 on the hourly chart of ETH/USD. As long as the price is above the channel support and $295, it is likely to move higher. On the upside, an initial resistance is near the $308-310 zone. Above this, the price will most likely break the $320 swing high for more gains.
Looking at the chart, ETH price is placed nicely above $295 and $290. More gains are possible if buyers continue to hold the $295 and $290 support levels.
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI – The RSI is currently placed nicely above the 50 level.
Major Support Level – $290
Major Resistance Level – $310
Author: Aayush Jindal
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