- ETH price made another attempt to climb above the $318 and $320 resistances against the US Dollar.
- The price is struggling to break $320 and it is currently consolidating gains.
- There is a key bullish trend line forming with support near $311 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price surged more than 7% recently and broke many hurdles such as $11,500.
Ethereum price is facing a strong resistances versus the US Dollar, and declined vs bitcoin. ETH price must clear the $320 barrier to accelerate higher in the near term.
Ethereum Price Analysis
Recently, there were strong gains in bitcoin price above $11,500, but Ethereum price failed to rise against the US Dollar. The ETH/USD pair made another attempt to climb above the $318 and $320 resistances. However, the bulls struggled to gain strength above the $320 level. A new 2019 high was formed near $320, but the price remained below $320. It is currently correcting lower and is trading below $318.
It broke the 23.6% Fib retracement level of the recent wave from the $306 swing low to $320 swing high. On the downside, there are a few important supports near the $312 and $311 levels. There is also a key bullish trend line forming with support near $311 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the recent wave from the $306 swing low to $320 swing high is also near the $312 level.
Therefore, if the price continues to correct lower, it is likely to find support near $312 or $311. If there is a downside break below the $310 level, the price could accelerate declines in the near term. The next major support is near the last swing low at $306 or the 100 hourly simple moving average.
On the upside, the $318 and $320 levels are important hurdles. Once there is a successful close and follow through above $320, Ethereum could gain momentum. The next key resistances area near the $330 and $340 levels.
Looking at the chart, Ethereum price is clearly facing an uphill task near the $320 level, whereas bitcoin price gained more than 8%. It seems like there could be another dip close to the $310 level before the price climbs above the $320 level. Conversely, if the price fails to stay above $305 and $300, there could be a sharp decline.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from well above 70 level towards 55.
Major Support Level – $312
Major Resistance Level – $320
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