- There were a few swing moves in ETH price below $400 against the US Dollar.
- There is a connecting bullish trend line with support at $325 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently struggling to break $390-400, and may correct a few points lower.
Ethereum price corrected lower after a nasty ride against the US Dollar and Bitcoin, and now ETH/USD is consolidating below $390-400 resistance.
Ethereum Price Resistance
In yesterday’s analysis, we discussed the chances of ETH price trading above the $350 resistance against the US Dollar. The price did trade higher, broke the $350 level and moved a few points above the $400 handle. A high was formed at $404.35 where sellers took a stand and pushed the price lower. There were a couple of sharp declines in ETH price, but every dip was well protected above $300. Buyers were in control, as they brought the price back up.
The price recently traded as low as $298, but there was no close below the 100 hourly simple moving average. A connecting bullish trend line with support at $325 on the hourly chart of ETH/USD prevented losses. The pair is now back trading higher and testing the $380-390 resistance. There is a chance of a minor correction towards the 23.6% Fib retracement level of the last wave from the $298.05 low to $394.18 high.
Downsides remain supported above $350-360. An intraday pivot can be seen around the 50% Fib retracement level of the last wave from the $298.05 low to $394.18 high at $346. Below $346, the trend line support at $325 might come into play. Overall, the trend is still bullish, and the price may soon move above $390 once the current consolidation is over.
Hourly MACD – The MACD is gaining pace in the bullish slope.
Hourly RSI – The RSI is back above the 50 level.
Major Support Level – $347
Major Resistance Level – $390
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.