- ETH price surged higher and traded as high as $344.46 against the US Dollar.
- There is a connecting bullish trend line with support at $308 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is approaching the $310-308 support area and likely to find buyers on the dips.
Ethereum price rocketed higher against the US Dollar and Bitcoin, and ETH/USD is currently correcting and approaching a support area near $308.
Ethereum Price Support
Yesterday, ETH price climbed higher and surged by roughly $40 to trade as high as $344.46 against the US Dollar. The price made a nice upside move and during gains broke the $304 and $308 resistance levels. After trading as high as $344.46, the price faced offers and started correcting lower. It has already moved below the 38.2% Fib retracement level of the last wave from the $280.45 low to $344.46 high.
However, the price is approaching a crucial support zone near $310-308. The mentioned support was a resistance earlier and now it might prevent declines below $300. An initial support is near the 50% Fib retracement level of the last wave from the $280.45 low to $344.46 high at $312.45. Moreover, there is a connecting bullish trend line with support at $308 forming on the hourly chart of ETH/USD. The trend line support at $308 is likely to act as a strong support zone and could act as a buy zone.
It also coincides with the 61.8% Fib retracement level of the last wave from the $280.45 low to $344.46 high. So, if the price continues to move down, the $308-304 support might prevent declines. Buying dips in the short term towards $304 might be considered.
Hourly MACD – The MACD is reducing its bullish zone.
Hourly RSI – The RSI has moved down sharply and currently near the 50 level.
Major Support Level – $308
Major Resistance Level – $330
Charts courtesy – SimpleFX
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