Ethereum Price Technical Analysis – ETH/USD Primed for Gains
- ETH price continued to gain momentum and was able to move above the $290 resistance against the US Dollar.
- There are two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD (data feed via SimpleFX).
- There pair remains buy on dips near $300-285 and it is most likely to extend gains in the near term.
Ethereum price remained well bids against the US Dollar and Bitcoin, and now ETH/USD is placed well above the $290 resistance (now support).
Ethereum Price Surges Higher
It’s been a good week for ETH price as it moved above the $290 resistance against the US Dollar. The recent upside move was positive, as there was a close above the $260 and $290 resistance. It has cleared the path for more gains. Today, the price even cleared the $300 handle and traded as high as $313.18 where it faced strong offers. A correction wave is about to start towards $300 or lower, but the price remains supported in the near term.
An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $264.10 low to $313.18 high. There are also two bullish trend lines forming with supports as $301 and $285 on the hourly chart of ETH/USD. The first trend line is a short-term support at $300. However, the most important support is near $285. It also coincides with the 50% Fib retracement level of the last wave from the $264.10 low to $313.18 high.
As long as the price is above the $300 and $285 support levels, it is likely to continue higher. Buying dips towards $285 may be considered in the near term.
Hourly MACD – The MACD is gaining extreme momentum in the bullish zone.
Hourly RSI – The RSI is correcting from the overbought levels.
Major Support Level – $285
Major Resistance Level – $315
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.