- ETH price continues to trade in a range above the $290 level against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD (data feed via SimpleFX).
- A close above the $299 level might trigger some buying interest above the $300 level.
Ethereum price remains in a range against the US Dollar and Bitcoin. ETH/USD might trade higher towards $304 to test buyer’s strength in the near term.
Ethereum Price Resistance
There was absolutely no action in ETH price above the $300 level against the US Dollar. The price continues to trade in a range above the $290 level and faces a major resistance near $302-304. There was a minor dip recently and the price traded close to the $292.50 level. ETH found support and is currently trading above $295.50. It has moved above the 23.6% Fib retracement level of the last drop from the $303.63 high to $292.52 low.
It seems like there is a short-term contracting triangle forming with resistance at $299 on the hourly chart of ETH/USD. The triangle resistance is near the 50% Fib retracement level of the last drop from the $303.63 high to $292.52 low. Once there is a close above the triangle resistance and $300, the pair should retest the $302-304 resistance zone.
The mentioned $302-304 resistance is acting as a strong barrier. There are several failures already, but sooner or later the price will break either $304-310 or $290 for the next move. The price is currently closing above the 100 hourly simple moving average and $299. Therefore, there are chances of an upside swing in the short term towards $305-308.
Hourly MACD –The MACD is about to move back in the bullish zone.
Hourly RSI –The RSI might soon break the 50 level to test the 60 level.
Major Support Level– $292
Major Resistance Level– $304
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