Key Highlights
- ETH price is gaining pace and recently moved above the $315 level against the US Dollar.
- There was a break above a contracting triangle with resistance at $312.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is likely to continue higher and it might test the $323.00-325.00 resistance zone.
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is currently eyeing upsides toward the $323.00 level in the short term.
Ethereum Price Support
After a couple of swing moves and ranging moves, ETH price moved above the $315 level against the US Dollar. However, there is no major momentum, but a steady rise from the $294 swing low. The price has moved above the 76.4% Fib retracement level of the last decline from the $318.27 high to $294.82 low. The best part was a break above a contracting triangle with resistance at $312.50 on the hourly chart of ETH/USD.
It has cleared the path for more gains towards $318.50. If buyers remain in action, there is a chance of a test of the 1.236 extension of the last decline from the $318.27 high to $294.82 low. The pair is now well above the $312.00 support and the 100 hourly simple moving average. Moreover, the triangle support trend line is positioned at $312.50 to act as a barrier for sellers. As long as the price is above $310.00, it might continue to move higher.
The next target could be $323 or even $325. A break above the mentioned $323-325 levels won’t be easy since the price failed on many occasions. On the downside, important support levels are near $312 and $310. A close below $310 could open the doors for downsides toward $302 in the short term.
Hourly MACD – The MACD is slightly placed in the bullish slope.
Hourly RSI – The RSI is heading toward the 70 level.
Major Support Level – $310
Major Resistance Level – $323
Charts courtesy – SimpleFX
