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On the upside, there is a major resistance forming near $295. An expanding triangle forming with resistance at $295 on the hourly chart of ETH/USD is waiting to act as a hurdle. An immediate resistance is around the 50% Fib retracement level of the last decline from the $298.87 high to $285.73 low. It won’t be easy for buyers to settle above the $293-295 resistance area.
However, once there is a stability above $294, buyers might step in and push the price above $300. In the short term, there is a lot of bearish pressure below $294. Selling rallies close to $294 can be considered with a tight stop on the short term.
Hourly MACD – The MACD is currently reducing its slope in the bearish zone.
Hourly RSI – The RSI is just below the 50 level and eyeing an upside break.
Major Support Level – $287
Major Resistance Level – $295
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Charts courtesy of Trading View