Ethereum Price Technical Analysis – ETH/USD Range Bound

Key Highlights

  • ETH price remained in a range below $265 against the US Dollar, but soon approaching a break.
  • There is a connecting bearish trend line with resistance at $265 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • On the upside, there are two important resistance levels- $265 and $282.

Ethereum price is trading in a range against the US Dollar and Bitcoin, and ETH/USD needs a close above $282 for further gains in the near term.

Ethereum Price Resistances

There was no major action in ETH price during the past 2-3 sessions, as it remained below $282 against the US Dollar. It looks like the price is trading in a range with two important resistance levels- $265 and $282. The price is currently above the 23.6% Fib retracement level of the last decline from the $282 high to $249 low. The first crucial resistance is around a connecting bearish trend line with resistance at $265 forming on the hourly chart of ETH/USD.

The 100 hourly simple moving average is also around the trend line resistance at $265. Moreover, the 50% Fib retracement level of the last decline from the $282 high to $249 low is also near $266. This is why $265-266 is the first major hurdle for buyers. The second one is around the $282 level. It acted as a barrier many times, and the price may continue to face resistance near $282. Only a successful close above $282 would ignite further gains and take ETH above the $300 handle.

Ethereum Price Technical Analysis ETH USD

An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the $282 high to $249 low. On the downside, the $248 and $250 levels might continue to provide support.

Hourly MACD – The MACD is mostly neutral and flat.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $248

Major Resistance Level – $265

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.

Source: Newsbtc

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