- ETH price gained pace and moved above the $288 resistance against the US Dollar.
- This week’s two bearish trend lines with resistance at $265 on the hourly chart of ETH/USD (data feed via SimpleFX) were broken to set bullish trend.
- The price is currently attempting a break above the second trend line at $270-275.
Ethereum price traded further higher against the US Dollar and Bitcoin, and now ETH/USD looks set to gain pace above $300 in the near term.
Ethereum Price Back in Bullish Zone
Yesterday, we saw an increase in buying interest for ETH price above $250 against the US Dollar. The price gained pace and moved above a few important bearish resistance at $265. The best part was a close above a key resistance area of $288. The price was above to move past the 61.8% Fib retracement level of the last decline from the $315 high to $202 low. It cleared the way for more gains and the price even moved above $290.
During the upside, there was a break above this week’s two bearish trend lines with resistance at $265 on the hourly chart of ETH/USD. The price recently moved past $300 and traded as high as $316. There is a chance of a minor correction from the current levels towards $300 or $288. An initial support is also around the 23.6% Fib retracement level of the last wave from the $202 low to $316 high.
The 100 hourly simple moving average is at $270, which is also a good support zone. It coincides with the 38.2% Fib retracement level of the last wave from the $202 low to $316 high. Overall, ETH price is back in the bullish zone and with good supports at $288 and $270.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is heading higher in the bullish zone.
Major Support Level – $270
Major Resistance Level – $330
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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