Thursday, February 9, 2023
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    Ethereum Price Weekly Analysis – ETH/USD Remains Supported

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    Key Highlights

    • ETH price moved to and fro above the $250 level this past week against the US Dollar.
    • There is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
    • The pair might correct a few points towards $285-280, but it remains supported on the downside.

    Ethereum price is slowly moving higher against the US Dollar, but declined versus Bitcoin. ETH/USD is showing positive signs, but buyers need to gain pace.

    Ethereum Price Rise

    There were a few swing moves in ETH price above $250 against the US Dollar. The price faced heavy offers and declined on the a few occasions from $305 and $310. However, one positive sign is the fact that the price remains in the bullish zone above $250 and the 100 simple moving average (H4). At the moment, there is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD.

    The channel support is also near the 100 simple moving average (H4) at $282.00. Therefore, the $282 level is very important. A break below the channel support at $282-280 and the 100 SMA might push the pair further lower. More importantly, the channel support is also near the 50% Fib retracement level of the last wave from the $250.73 low to $311.45 high.

    An intermediate support is near $288 and the 38.2% Fib retracement level of the last wave from the $250.73 low to $311.45 high. On the upside, the channel resistance is near $315.00. Before $315, the recent high at $311 might act as a resistance. Overall, buying dips towards the channel support or $288 might be considered as long as the price is above the 100 SMA (H4).

    4-hours MACD – The MACD is slightly in the bullish zone.

    4-hours RSI – The RSI is holding the 50 level.

    Major Support Level – $282

    Major Resistance Level – $315

     

    Charts courtesy – SimpleFX

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