Key Highlights
- ETH price remained in the bullish zone above $255 against the US Dollar, and looks set for more gains.
- There is a major bullish trend line forming with support at $268 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is gaining pace and may soon break the $287 resistance for an upside move towards $300.
Ethereum price is eyeing further gains against the US Dollar and Bitcoin, and ETH/USD might soon attempt an upside break towards $300.
Ethereum Price Buy Dips
There was an increase in buying sentiment above $255 for ETH price against the US Dollar. The price remained above the $250 support and consolidated with a bullish angle. The best part was a close above the $268 resistance and the 100 hourly simple moving average. As long as the price is above the 100 hourly simple moving average, there are chances of more upsides towards $300.
Above $300, the price could even attempt a move towards $315. On the downside, there is a major bullish trend line forming with support at $268 on the hourly chart of ETH/USD. At the moment, the price is struggling to break the 50% Fib retracement level of the last decline from the $316 high to $240 low. Once ETH gains momentum, it could easily break $280 for further gains.
The next major resistance is near the 61.8% Fib retracement level of the last decline from the $316 high to $240 low at $287. Buying dips can be considered in the short term near $255 or the 100 hourly simple moving average. Only a close below $250 might negate the current bullish bias, and the price could trade towards $230.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is now well above the 50 level and pointing more gains.
Major Support Level – $255
Major Resistance Level – $280
Charts courtesy – SimpleFX