- ETH price after trading above the $325 level against the US Dollar found sellers and moved down.
- There is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to trade in an expanding range with current resistance above $327.
Ethereum price is trading in a range against the US Dollar, but moved higher versus Bitcoin. ETH/USD remains supported on the downside near $291.
Ethereum Price Support
This past week, there was a decent upside move in ETH price above the $325 level against the US Dollar. The price traded to a new monthly high of $327.28 before it faced a lol of sellers and started a downside move. There was a sharp downside move and the price traded below the $296 support area. A low was formed recently at $287.41 from where the price started a new upside move.
It traded above the 100 simple moving average (H4) and the 50% Fib retracement level of the last decline from the $327.28 high to $287.41 low. However, the upside move was capped by the $312 level. The 76.4% Fib retracement level of the last decline from the $327.28 high to $287.41 low also acted as a resistance. ETH is currently correcting lower and it seems like there is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD.
On the downside, there is a decent support forming near $291 and the 100 simple moving average (H4). As long as the pair is above the 100 SMA and the $291-290 area, it can initiate a new short-term bullish wave. Overall, there is an expanding range forming with support at $291 and resistance above $327.
4-hours MACD – The MACD is slightly in the bullish zone.
4-hours RSI – The RSI is currently just above the 50 level.
Major Support Level – $291
Major Resistance Level – $330
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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