Ethereum Price Analysis: ETH/USD Slowly Rising Towards $290-295

Key Highlights

  • ETH price remained supported near $265 and it slowly moved above the $270 level against the US Dollar.
  • There is a short-term ascending channel forming with support at $271 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might face hurdles on the upside near the $284 and $285 resistance levels.

Ethereum price is mostly trading in a range against the US Dollar and bitcoin. ETH/USD could slowly rise towards the $290 level with ranging moves.

Ethereum Price Resistances

After trading as low as $259.17, ETH price found support against the US Dollar. The ETH/USD pair started moving higher with most range moves above the $270 level. It cleared the 38.2% Fib retracement level of the last drop from the $301 swing high to $260 swing low. However, the upside move faced a lot of resistance near $280, $281, and 100 hourly simple moving average.

Moreover, the 50% Fib retracement level of the last drop from the $301 swing high to $260 swing low also acted as a strong resistance. The price is currently trading in a range above the $270 level, but there are a few positive signs as well. There is also a short-term ascending channel forming with support at $271 on the hourly chart of ETH/USD. On the upside, the price has to break the $281 resistance and climb above the 100 hourly SMA to gain traction. Above this, the price is likely to test the $290 resistance in the near term. On the downside, the channel support is at $271, below which, the price may decline back to $260.

Looking at the chart, ETH price is likely to struggle near the $281 resistance and the 100 hourly SMA. Having said that, the price may well slowly and steadily rise towards the $290 level in the near term.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is placed just above the 50 level.

Major Support Level – $271

Major Resistance Level – $281

Author: Aayush Jindal

Source link

Related posts

8 Thoughts to “Ethereum Price Analysis: ETH/USD Slowly Rising Towards $290-295”

  1. Football Solutions Bulgaria round-up: Two more join Beroe

    Frank Lampard has given his support to the National Literacy Trust’s Premier League Reading Stars programme urging children to read more books. Lampard launches campaign to get more children reading… but which books are favourites of Premier League stars?

  2. buy psilocybin spores online

    … [Trackback]

    […] Read More on that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  3. Ammunitions For Sale

    … [Trackback]

    […] Here you will find 4177 more Information to that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  4. nova88

    … [Trackback]

    […] Find More on to that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  5. try here

    … [Trackback]

    […] Info to that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  6. sbobet

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  7. Official Gun Website

    … [Trackback]

    […] There you will find 6239 additional Information on that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

  8. block screenshot

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/08/24/ethereum-price-analysis-eth-usd-slowly-rising-towards-290-295/ […]

Leave a Comment