Ethereum Price Technical Analysis – ETH/USD Calm Before Storm?

Author Aayush JindalCategories Altcoins, Analysis, Ethereum Analysis, Opinion, Trading

Ethereum price remains elevated against the US Dollar and Bitcoin, and ETH/USD might trading in a range above $290 before making the next move.
Ethereum Price Technical Analysis ETH USD
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Key Highlights
ETH price remained below the $308-310 resistance against the US Dollar.
There is a connecting bearish trend line with resistance at $308 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
There pair is move to and fro between $290-308 before making the next move in the near term.
Ethereum price remains elevated against the US Dollar and Bitcoin, and ETH/USD might trading in a range above $290 before making the next move.

Ethereum Price Resistance

Recently, there was an upside move towards $308 in ETH price against the US Dollar. The price traded as high as$ 308.61 where it faced sellers and moved down. During the downside move, it broke a bullish trend line with support at $301.14 on the hourly chart. There was even a break below the 23.6% Fib retracement level of the last wave from the$ 276.83 low to $308.61 high.

However, the downside move was protected by the 38.2% Fib retracement level of the last wave from the $276.83 low to$ 308.61 high. The price is now once again moving higher towards the $308 resistance. There is a connecting bearish trend line with resistance at$ 308 forming on the hourly chart of ETH/USD. This trend line may prevent gains above $310 one more time. In the mentioned case, there could be a retest of the$ 300-295 area before the price resumes its uptrend.

Ethereum Price Technical Analysis ETH USD

On the downside, the 50% Fib retracement level of the last wave from the $276.83 low to$ 308.61 high is a good support at $292.72. Buying dips towards the$ 292 support and the 100 hourly simple moving average can be considered in the near term.

Hourly MACD – The MACD is reducing its bullish slope and may move into the bearish zone.

Hourly RSI – The RSI is attempting to settle above 50 level, which is a positive sign.

Major Support Level – $292

Major Resistance Level – $308