- ETH price did not move much from the $292 swing low against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $302.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the downside, a short-term support is at $297.50, which can be seen as a daily pivot.
Ethereum price is moving in a range against the US Dollar and Bitcoin. ETH/USD might continue to trade below $310 in the short term before the next move.
Ethereum Price Short-term Breakout Pattern
There was not much of action in ETH price as it continued to trade below the $305-306 levels against the US Dollar. The price recovered well from the $285.08 low and attempted a break above the $305 resistance. However, buyers failed to push the price above $305 and the 100 hourly simple moving average. As a result, there was a downside move below the 23.6% Fib retracement level of the last wave from the $285.08 low to $305.18 high.
The price even broke the $300 level and traded towards the 50% Fib retracement level of the last wave from the $285.08 low to $305.18 high. It found bids near $296 and is currently recovering. At the moment, there is a short-term contracting triangle forming with resistance at $302.50 on the hourly chart of ETH/USD. The triangle resistance is near $302 and the 100 hourly simple moving average. Therefore, an upside break above $303 in the short term won’t be easy.
On the downside, today’s support is at $295-296. A close below $295 would call for a test of $290 or even $285. Overall, there can be more ranging moves before the price makes the next move towards $310.
Hourly MACD – The MACD is flat in the bearish zone.
Hourly RSI – The RSI is currently just near the 50 level.
Major Support Level – $295
Major Resistance Level – $303
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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