- ETH price after a downside move found support at $240 against the US Dollar and traded higher.
- There was a bearish trend line with resistance at $265 on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken recently.
- The pair is now moving higher and struggling to close above $280 and the 100 hourly simple moving average.
Ethereum price made a decent upside move against the US Dollar and Bitcoin, and now ETH/USD might break $275 for further gains.
Ethereum Price Trend Line Support
Recently, we saw a few swing moves in ETH price towards $240 against the US Dollar. Later, the price found support and started moving higher above $250. The upside move was decent as there was a break above the 23.6% Fib retracement level of the last decline from the $316 high to $239 low. Moreover, the price was able to gain momentum above the $260 resistance.
During the upside move, the ETH/USD pair also broke a bearish trend line with resistance at $265 on the hourly chart. However, gains were prevented by $280 and the 100 hourly simple moving average. Furthermore, there was also no close above the 50% Fib retracement level of the last decline from the $316 high to $239 low. The price is currently correcting lower, but remains supported above $240.
There is also a bullish trend line formed on the same chart with support at $265. There is a chance that the pair may correct a few points lower towards $250-260. However, it is likely to gain pace above $280 and the 100 hourly simple moving average for further gains. The next resistance is near the 76.4% Fib retracement level of the last decline from the $316 high to $239 low at $298.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is now above the 50 level.
Major Support Level – $265
Major Resistance Level – $280
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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