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    Ethereum Technical Analysis – ETH/USD Testing Imp Resistance

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    Key Highlights

    • ETH price traded close to the $309 resistance against the US Dollar, but failed to move higher.
    • There is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD (data feed via SimpleFX).
    • The price might dip a few points before attempting another upside break above $309.

    Ethereum price is recovering against the US Dollar and Bitcoin. ETH/USD needs to break the $309 resistance for more gains in the near term.

    Ethereum Price Resistance

    There was a nice upside move in ETH price during the past two sessions above $300 against the US Dollar. The price traded higher and broke the $301 resistance to trade towards the next resistance at $309. The mentioned $309 resistance prevented gains once again and stopped buyers from taking control. There was a rejection and the price started correcting lower towards $301-300. It has moved below the 23.6% Fib retracement level of the last wave from the $289.84 low to $309.08 high.

    However, the downside move remains supported near $302 and $301. The 38.2% Fib retracement level of the last wave from the $289.84 low to $309.08 high at $301.72 prevented declines once. Moreover, there is a short-term bullish trend line forming with support at $301 on the hourly chart of ETH/USD. Therefore, the $301-300 levels are important for the current wave in ETH. A close below it could ignite a push towards the 61.8% Fib retracement level of the last wave from the $289.84 low to $309.08 high.

    The 100 hourly simple moving average is near $295.00 to act as a support for ETH. As long as the price is above $296, there are chances of it retesting the $309 resistance.

    Hourly MACD – The MACD is currently moving nicely in the bullish zone.

    Hourly RSI – The RSI is currently well above the 50 level.

    Major Support Level – $301

    Major Resistance Level – $309

     

    Charts courtesy – SimpleFX

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