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- ETH price declined below the $295 support against the US Dollar before finding support.
- Yesterday’s highlighted connecting bearish trend line with resistance at $301 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might struggle to gain momentum and likely to correct lower towards $300 once again.
Ethereum price is slowly recovering against the US Dollar and Bitcoin. ETH/USD might struggle to move above $318-324 in the near term.
Ethereum Price Resistance
There was a sharp decline in ETH price below $310 against the US Dollar. The price traded below the $300 and $295 support levels and traded as low as $285.99. A low was formed and the price started an upside correction from $285.99. During the upside, the price was able to break the 23.6% Fib retracement level of the last decline from the $350.52 high to $285.99 low.
The best part was a break above yesterday’s highlighted connecting bearish trend line with resistance at $301 on the hourly chart of ETH/USD. At the moment, the price is struggling to settle above the 38.2% Fib retracement level of the last decline from the $350.52 high to $285.99 low. Therefore, there are chances that the pair might dip once again towards the $300 handle before moving back higher.
On the upside, the most important resistance is near the 50% Fib retracement level of the last decline from the $350.52 high to $285.99 low at $318. Above $318, the 100 hourly simple moving average is positioned at $324. Therefore, the $318-324 levels might act as a strong resistance for buyers if the price continues to move higher. On the downside, the $300 level is a short-term support followed by $295.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is now back above the 50 level.
Major Support Level – $295
Major Resistance Level – $324
Charts courtesy – SimpleFX