ETH price after declining towards $280 found support and started an upside move against the US Dollar.
There was a break above a connecting bearish trend line at $292 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is slowly moving higher and about to break the $300 resistance in the near term.
Ethereum price is gaining traction against the US Dollar and Bitcoin, but ETH/USD has to trade above $310 to move back in the bullish zone.
Ethereum Price Trend
There were only ranging moves recently in ETH price above the $280 level against the US Dollar. The price on the weekend traded lower and tested the $280 support zone where it found bids. Later, a recovery was initiated, and the price moved above the 23.6% Fib retracement level of the last decline from the $309.37 high to $280.45 low. It opened the doors for more gains and the price crawled above $290.
During the upside move, there was a break above a connecting bearish trend line at $292 on the hourly chart of ETH/USD. The price is now comfortably placed above the $292 level and the 100 hourly simple moving average. It is also above the 50% Fib retracement level of the last decline from the $309.37 high to $280.45 low, which is a bullish sign. Sooner or later, the price would move above $300 and attempt more gains in the near term.
Ethereum Price Technical Analysis ETH USD
On the downside, the $292 level and the 100 hourly simple moving average are support zones. If the price corrects lower, it may find support above $290. On the upside, todays pivot stands at $302. Above $302, the price could head towards the $309 level.
Hourly MACD The MACD is placed nicely in the bullish zone.
Hourly RSI The RSI is moving higher and currently above the 50 level.
Major Support Level $292
Major Resistance Level $302
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.