Ethereum Price Analysis: ETH/USD Surging, Can Buyers Hold Gains?
- ETH price found support near $271-272 and started an upward move against the US Dollar.
- Yesterday’s highlighted key bearish trend line with resistance at $281 was breached on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded above the $290 and $295 levels, but sellers appeared near the $300 level.
Ethereum price is slowly gaining momentum against the US Dollar and bitcoin. ETH/USD is now placed nicely in a positive zone above the $284 level.
Ethereum Price Support
After trading as low as $268.13, ETH formed a base for an upward move against the US Dollar. The ETH/USD pair started trading higher and gained momentum above the $278 and $284 resistance levels. The price also surged above the $290 level and settled above the 100 hourly simple moving average. More importantly, the price moved past the 50% Fib retracement level of the last decline from the $306 high to $268 low.
Additionally, yesterday’s highlighted key bearish trend line with resistance at $281 was breached on the hourly chart of ETH/USD. The pair is now placed nicely above the $284 level, which is a positive sign. The recent upside move found sellers near the $300-301 zone. The price retreated and is currently trading below the $295 level. Sellers pushed the price below the 23.6% fib retracement level of the last wave from the $268 low to $301 high. On the downside, the next support is near the $288 level and the 100 hourly SMA. Below this, the next major support is near the $284 level, which is also a pivot level.
Looking at the chart, ETH price is trading with bullish moves above $282. On the upside, the price has to move above the $295 and $300 resistances for more gains in the near term.
Hourly MACD – The MACD has moved back sharply in the bullish zone.
Hourly RSI – The RSI is currently well above the 55 level.
Major Support Level – $284
Major Resistance Level – $301