Key Highlights
- ETH price continues to trade in a range above the $290 level against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD (data feed via SimpleFX).
- A close above the $299 level might trigger some buying interest above the $300 level.
Ethereum price remains in a range against the US Dollar and Bitcoin. ETH/USD might trade higher towards $304 to test buyer’s strength in the near term.
Ethereum Price Resistance
There was absolutely no action in ETH price above the $300 level against the US Dollar. The price continues to trade in a range above the $290 level and faces a major resistance near $302-304. There was a minor dip recently and the price traded close to the $292.50 level. ETH found support and is currently trading above $295.50. It has moved above the 23.6% Fib retracement level of the last drop from the $303.63 high to $292.52 low.
It seems like there is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD. The triangle resistance is near the 50% Fib retracement level of the last drop from the $303.63 high to $292.52 low. Once there is a close above the triangle resistance and $300, the pair should retest the $302-304 resistance zone.
The mentioned $302-304 resistance is acting as a strong barrier. There are several failures already, but sooner or later the price will break either $304-310 or $290 for the next move. The price is currently closing above the 100 hourly simple moving average and $299. Therefore, there are chances of an upside swing in the short term towards $305-308.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI might soon break the 50 level to test the 60 level.
Major Support Level – $292
Major Resistance Level – $304
Charts courtesy – SimpleFX
