Key Highlights
- ETH price is trading in a range above the $292 support zone against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to trade in a range above $292 before making an upside move.
Ethereum price is trading in a tiny range against the US Dollar and Bitcoin. ETH/USD is holding the 100 hourly SMA and $292, which is a positive sign.
Ethereum Price Range
There was no upside break in ETH price above $298 against the US Dollar. The price continued to trade in a range, but managed to hold the $292-290 support area. It is also placed well above the $288 support and the 100 hourly simple moving average. It recently moved higher from the $287.65 swing low. However, the upside move was protected by the 50% Fib retracement level of the last decline from the $309.10 high to $287.65 low.
The price is now back in a tight range and trading above the $292 support. It seems like there is a short-term contracting triangle forming with resistance at $297 on the hourly chart of ETH/USD. The pair is likely to trade in a range above the $292-290 support and the 100 hourly simple moving average. The chances of an upside move are more compared to a downside wave. Once there is a break and close above $297, the price could head towards the 61.8% Fib retracement level of the last decline from the $309.10 high to $287.65 low at $300.88.
Above $300.88, the next stop could be the $305 swing high. On the downside, the 100 hourly SMA and the $288 swing low are major support zones.
Hourly MACD – The MACD is currently flat with no major bias.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $292
Major Resistance Level – $297
Charts courtesy – SimpleFX
