Key Highlights
- ETH price after a minor correction found support at $302 against the US Dollar.
- Yesterday’s highlighted short-term bullish trend line with current support at $304 is still intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to move higher and it could even break the last swing high at $309.
Ethereum price is once again gaining bids against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $309.
Ethereum Price Resistance
The past two sessions were mostly ranging above $301 in ETH price against the US Dollar. Yesterday, after a decent upside move towards $309, the price started a downside correction. It moved down and traded below the 23.6% Fib retracement level of the last leg up from the $290.98 low to $309.00 high. However, the downside move was protected by the $301-302 support levels.
Moreover, yesterday’s highlighted short-term bullish trend line with current support at $304 also provided support on the hourly chart of ETH/USD. It acted as a decent buy zone near $302 and prevented further downsides. Besides, the 38.2% Fib retracement level of the last leg up from the $290.98 low to $309.00 high also acted as a support. The pair is once again moving higher and already trading above $304. However, it faces a monster resistance near $309. The stated $309 level prevented further gains on many occasions and it might continue to act as a hurdle.
A proper close above $309 is needed for buyers to take the price above $320 or even higher. On the downside, the trend line support at $304 is a key buy zone. A break of the $304 support would open the doors for further slides towards $297.
Hourly MACD – The MACD is still in the bullish zone.
Hourly RSI – The RSI is above the 50 level and moving higher.
Major Support Level – $304
Major Resistance Level – $309
Charts courtesy – SimpleFX