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    Ethereum Price Technical Analysis – ETH/USD Breakout Pattern

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    Key Highlights

    • ETH price is slowly preparing for the next move and placed well above $291.50 against the US Dollar.
    • There is a major contracting triangle forming with resistance at $301.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
    • The price has to clear the $301-302 resistance to gain traction in the near term.

    Ethereum price is slowly recovering against the US Dollar and Bitcoin. ETH/USD needs to clear the $301-302 area for more gains in the near term.

    Ethereum Price Resistance

    There were a couple of tiny swing moves in ETH price towards the $292-294 support zone against the US Dollar. The downside reaction was mostly supported by the $292 level and the price remains range bound. It seems like there is a major contracting triangle forming with resistance at $301.50 on the hourly chart of ETH/USD. The pair recently tested the triangle resistance near $302.60 and declined back towards $295.

    A low was formed at $294.15 and the price was able to gather bids to move above the 100 hourly simple moving average. It has moved above the 23.6% Fib retracement level of the last decline from the $302.62 high to $294.15 low. The current price action is positive, and it seems like the price might soon test the 61.8% Fib retracement level of the last decline from the $302.62 high to $294.15 low. However, the upside move is likely to be capped by $300-301.

    A proper break above the triangle resistance at $301.50-302.00 is required for more gains in the near term. Until there is a break, ETH might continue to move inside a range above $292. On the upside, the $309-310 remains a major hurdle for buyers in the medium term.

    Hourly MACD – The MACD is not showing any major bullish signs.

    Hourly RSI – The RSI is currently just above the 50 level with bullish angle.

    Major Support Level – $292

    Major Resistance Level – $302

     

    Charts courtesy – SimpleFX

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