Key Highlights
- ETH price recovered well from the $250.73 low against the US Dollar, but facing sellers near $292.
- There is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
- The price has to break the $292 and $294 resistance levels to gain traction in the near term.
Ethereum price has recovered well against the US Dollar and Bitcoin. ETH/USD buyers need to take the pair above $292 for further upsides.
Ethereum Price Upside Barrier
The past 2-3 sessions were decent for ETH price as it managed to settle above the $270 resistance against the US Dollar. The price recovered very well from the $250.73 low and tested the previous resistance zone near $292. There was no upside break above $292-294 and the price started correcting lower. There was a dip below the 23.6% Fib retracement level of the last wave from the $250.73 low to $293.63 high.
However, the downside move found support near $274-275. The 38.2% Fib retracement level of the last wave from the $250.73 low to $293.63 high also acted as a support. Moreover, the 100 hourly simple moving average currently at $273 also provided support. The price recovered and currently trading above $280. On the downside, there is a new connecting bullish trend line forming with support at $282 on the hourly chart of ETH/USD.
As long as the pair is above the trend line support, $274 and the 100 hourly simple moving average, it remains supported. On the upside, buyers need to clear the $292-294 resistance area to gather momentum. Above $292, the price might even break $300. On the downside, a break of $270 could take the price back towards $255.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $270
Major Resistance Level – $292-294
Charts courtesy – SimpleFX
