Key Highlights
- ETH price recovered sharply after bitcoin hard fork was called off and moved above $302 against the US Dollar.
- There is a major bullish trend line forming with current support at $304.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to move higher as long as it stays above $302 and $300.
Ethereum price recovered sharply against the US Dollar and Bitcoin. ETH/USD gained pace above $300 after bitcoin hard fork was called off.
Ethereum Price Support
It was an interesting day as ETH price surged above $300 against the US Dollar. The price gained pace after bitcoin hard fork was called off. Buyers stepped up the momentum and took the price above $305 and the $310 level. A high was formed at $317.71 from where the price started a correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $286.03 low to $317.71 high.
The downside move was limited by the $305 level, which was a resistance earlier. Moreover, the 38.2% Fib retracement level of the last wave from the $286.03 low to $317.71 high also acted as a support. ETH is once again on the move and it is likely to move higher above $310 with a couple of corrections on the way down. On the downside, there is a major bullish trend line forming with current support at $304.50 on the hourly chart of ETH/USD.
The trend line support might play a key role in the near term above $302. As long as the price is above $302 and $300, there are chances of more gains. On the upside, a test of the $325 level is also possible in the near term.
Hourly MACD – The MACD is now strongly placed in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $302
Major Resistance Level – $325
Charts courtesy – SimpleFX