Key Highlights
- ETH price gained traction and traded above the $277 and $280 resistance levels against the US Dollar.
- Yesterday’s discussed important bearish trend line was cleared with resistance near $273 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded as high as $288.58 and it is currently correcting lower towards $278-280.
Ethereum price is slowly moving into a positive zone against the US Dollar and bitcoin. ETH/USD must stay above the $275 support to bounce back in the near term.
Ethereum Price Support Zone
Yesterday, we discussed an important resistance zone near the $277 level for ETH price against the US Dollar. The ETH/USD pair managed to gain bullish momentum recently and succeeded in clearing the $277 resistance. There was also a break and close above the $280 level plus the 100 hourly simple moving average. It opened the doors for more gains and the price cleared the $282 resistance.
The most important move was above yesterday’s important bearish trend line with resistance near $273 on the hourly chart of ETH/USD. The pair traded as high as $288.58 and it is currently correcting lower. It has moved below the 23.6% Fib retracement level of the recent wave from the $269 low to $288 high. It could continue to move down towards the $280 and $277 support levels where buyers are likely to emerge. Moreover, the 50% Fib retracement level of the recent wave from the $269 low to $288 high is close to $279. Finally, the 100 hourly SMA is positioned near the $276 level and a bullish trend line.
Looking at the chart, ETH price may well correct lower towards $277, but dips are likely to remain supported. On the upside, the price has to move above the $285 and $288 levels to continue towards the $295 and $300 levels.
Hourly MACD – The MACD is placed in the bullish zone.
Hourly RSI – The RSI is now well above the 50 level.
Major Support Level – $277
Major Resistance Level – $288
Author: Aayush Jindal
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