Ethereum Price Technical Analysis – ETH/USD Eyeing Further …

Key Highlights

  • ETH price after a minor correction found support at $302 against the US Dollar.
  • Yesterday’s highlighted short-term bullish trend line with current support at $304 is still intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to move higher and it could even break the last swing high at $309.

Ethereum price is once again gaining bids against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $309.

Ethereum Price Resistance

The past two sessions were mostly ranging above $301 in ETH price against the US Dollar. Yesterday, after a decent upside move towards $309, the price started a downside correction. It moved down and traded below the 23.6% Fib retracement level of the last leg up from the $290.98 low to $309.00 high. However, the downside move was protected by the $301-302 support levels.

Moreover, yesterday’s highlighted short-term bullish trend line with current support at $304 also provided support on the hourly chart of ETH/USD. It acted as a decent buy zone near $302 and prevented further downsides. Besides, the 38.2% Fib retracement level of the last leg up from the $290.98 low to $309.00 high also acted as a support.

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