- ETH price is gaining pace and recently moved above the $315 level against the US Dollar.
- There was a break above a contracting triangle with resistance at $312.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is likely to continue higher and it might test the $323.00-325.00 resistance zone.
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is currently eyeing upsides toward the $323.00 level in the short term.
Ethereum Price Support
After a couple of swing moves and ranging moves, ETH price moved above the $315 level against the US Dollar. However, there is no major momentum, but a steady rise from the $294 swing low. The price has moved above the 76.4% Fib retracement level of the last decline from the $318.27 high to $294.82 low. The best part was a break above a contracting triangle with resistance at $312.50 on the hourly chart of ETH/USD.
It has cleared the path for more gains towards $318.50. If buyers remain in action, there is a chance of a test of the 1.236 extension of the last decline from the $318.27 high to $294.82 low. The pair is now well above the $312.00 support and the 100 hourly simple moving average. Moreover, the triangle support trend line is positioned at $312.50 to act as a barrier for sellers. As long as the price is above $310.00, it might continue to move higher.
The next target could be $323 or even $325. A break above the mentioned $323-325 levels won’t be easy since the price failed on many occasions. On the downside, important support levels are near $312 and $310. A close below $310 could open the doors for downsides toward $302 in the short term.
Hourly MACD – The MACD is slightly placed in the bullish slope.
Hourly RSI – The RSI is heading toward the 70 level.
Major Support Level – $310
Major Resistance Level – $323
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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