Ethereum Price Analysis: ETH/USD Signaling More Upsides Above $296

Key Highlights

  • ETH price recently traded towards the $303-305 level and later corrected lower against the US Dollar.
  • There is a major bearish trend line formed with resistance near $295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains nicely supported near the $288 level and the 100 hourly simple moving average.

Ethereum price is positioned for an upward move against the US Dollar and bitcoin. ETH/USD remains well supported near the $285-288 zone.

Ethereum Price Resistance

During the past three days, there were decent bullish moves above $280 in ETH price against the US Dollar. The ETH/USD pair broke the $295 and $300 resistance levels and formed a high at $302.64. Later, buyers failed to keep the price above the $300 level, resulting in a downside correction. It declined below the 23.6% Fib retracement level of the last leg from the $276 low to $302 high.

However, losses were protected near the $285-288 support zone. The stated level was a resistance earlier near $288 and now preventing declines. The 50% Fib retracement level of the last leg from the $276 low to $302 high is also at $289. Moreover, the 100 hourly simple moving average is positioned near the $288 level, signaling its importance. Therefore, as long as the price is above the $285-288 support, it could move higher. On the upside, there is a major bearish trend line formed with resistance near $295 on the hourly chart of ETH/USD. A break above the trend line and $298 may well clear the path for more gains towards the $310 level.

Looking at the chart, ETH price is positioned nicely in a positive zone above the $288 level. However, buyers need to gain momentum above $295 and $300 to push the price further higher towards $310.

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI – The RSI is just near the 50 level.

Major Support Level – $274

Major Resistance Level – $284

Author: Aayush Jindal

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