Key Highlights

  • ETH price after trading above the $325 level against the US Dollar found sellers and moved down.
  • There is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might continue to trade in an expanding range with current resistance above $327.

Ethereum price is trading in a range against the US Dollar, but moved higher versus Bitcoin. ETH/USD remains supported on the downside near $291.

Ethereum Price Support

This past week, there was a decent upside move in ETH price above the $325 level against the US Dollar. The price traded to a new monthly high of $327.28 before it faced a lol of sellers and started a downside move. There was a sharp downside move and the price traded below the $296 support area. A low was formed recently at $287.41 from where the price started a new upside move.

It traded above the 100 simple moving average (H4) and the 50% Fib retracement level of the last decline from the $327.28 high to $287.41 low. However, the upside move was capped by the $312 level. The 76.4% Fib retracement level of the last decline from the $327.28 high to $287.41 low also acted as a resistance. ETH is currently correcting lower and it seems like there is an expanding triangle forming with support at $291 on the 4-hours chart of ETH/USD.

On the downside, there is a decent support forming near $291 and the 100 simple moving average (H4). As long as the pair is above the 100 SMA and the $291-290 area, it can initiate a new short-term bullish wave. Overall, there is an expanding range forming with support at $291 and resistance above $327.

4-hours MACD –The MACD is slightly in the bullish zone.

4-hours RSI –The RSI is currently just above the 50 level.

Major Support Level– $291

Major Resistance Level– $330

Charts courtesy –SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD Remains in Range appeared first on NEWSBTC.

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