Key Highlights
- ETH price is trading in a range with resistance near the $302-304 levels against the US Dollar.
- There is a key bullish trend line forming with support at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is now above $295 and the 100 hourly simple moving average, which is a positive sign.
Ethereum price is trading in a tiny range against the US Dollar and Bitcoin. ETH/USD buyers need to gain pace above $304 for further upsides.
Ethereum Price Support
It was a choppy past week for ETH price as there were a few swing moves from well above $300 against the US Dollar. The price traded above $300-301 levels on a couple of occasions, but failed to gain momentum. There is a clear hurdle for buyers forming near $302-304. The mentioned hurdle is preventing gains above the $305 level and stopping a new monthly high. A close above $304 could push the price towards the recent swing high of $311.45.
At the moment, the price is above $295 and the 100 hourly simple moving average, which is a bullish sign. However, it is currently moving lower and already below the 23.6% Fib retracement level of the last wave from the $289.50 low to $306.64 high. On the downside, there is a key bullish trend line forming with support at $297 on the hourly chart of ETH/USD. An intermediate support is near the 100 hourly SMA and the 50% Fib retracement level of the last wave from the $289.50 low to $306.64 high.
As long as the price is above $296-292, it might attempt a break above $304. Above $304, the next resistance for buyers is near $311-312.
Hourly MACD – The MACD is losing grip in the bullish zone.
Hourly RSI – The RSI is about to break the 50 level, which is a negative sign.
Major Support Level – $292
Major Resistance Level – $304
Charts courtesy – SimpleFX
