- ETH price gained strength recently and cleared a major resistance at $312 against the US Dollar.
- There is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct a few points from the current levels towards $325-320 in the short term.
Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD remains in an uptrend above $320 and likely gain further in the near term.
Ethereum Price Resistance
There was a finally an upside wave in ETH price above the $320 level against the US Dollar. The price managed to break an important resistance area at $312 and moved higher. The upside move was strong and the price cleared the $325 and $335 level for more gains. A new weekly high was formed at $346.65 where sellers appeared and prevented further upsides.
Actually, there is a monster ascending channel forming with resistance at $346 on the 4-hours chart of ETH/USD. The channel resistance near $345-346 is preventing further gains and stopping buyers to take control. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $285.08 low to $346.65 high. If there is a break of $332, there can be more losses towards $323.
The most important support is now at the 50% Fib retracement level of the last wave from the $285.08 low to $346.65 high near $315. Any major downsides should be limited in the near term as long as the price is above $315. Moreover, the channel support is at $300 along with the 100 simple moving average (H4). Therefore, the $300 level can be seen as the current trend support.
4-hours MACD – The MACD is gaining momentum in the bullish zone.
4-hours RSI – The RSI is correcting lower towards the 50 level.
Major Support Level – $315
Major Resistance Level – $346
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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