Key Highlights
- ETH price after declining towards the $270 level found support against the US Dollar and recovered well.
- Yesterday’s highlighted major bearish trend line with resistance near $296 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might dip a few points from the current levels, but remain supported near $295-292.
Ethereum price bounced back sharply against the US Dollar and Bitcoin. ETH/USD is now back in the bullish zone above $290 and the 100 hourly SMA.
Ethereum Price Upside Move
There were further declines in ETH price yesterday towards $270 against the US Dollar. The price traded as low as $272.67 before finding strong bids. It recovered well and moved above the 61.8% Fib retracement level of the last decline from the $308.40 high to $272.67 low. There was even a break above the $300 handle and the 100 hourly simple moving average, which is a great sign.
During the upside, there was a break above yesterday’s highlighted major bearish trend line with resistance near $296 on the hourly chart of ETH/USD. All these are positive signs above $295. A high was formed recently at $309.08 and it seems like the price might correct a bit in the short term. It is approaching the 23.6% Fib retracement level of the last wave from the $272.67 low to $309.08 high. However, the most important support is near $295-292.
The mentioned support also coincides with the 100 hourly SMA and the 38.2% Fib retracement level of the last wave from the $272.67 low to $309.08 high. Moreover, the last swing low at $286.50 might also act as a strong support once again. Overall, the price is back in the bullish zone above $290 in the short term.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is currently near the overbought levels.
Major Support Level – $295
Major Resistance Level – $308
Charts courtesy – SimpleFX
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