Key Highlights

  • ETH price after a decline towards $274 against the US Dollar found support and recovered well.
  • There is a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair has to break the $305 resistance and settle above the 100 SMA (H4) to challenge $340.

Ethereum price is back in the positive zone against the US Dollar and Bitcoin. However, ETH/USD needs to gain momentum above $305 and $310 for more gains.

Ethereum Price Resistance

This past week, we saw a couple of swing moves in ETH price towards $274 against the US Dollar. The price tested a major support area at $274 and started an upside move. The recovery was solid as the price moved above $300 and the 100 simple moving average (H4). However, the upside move was capped by the $305.50 resistance. There is also a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD.

The trend line resistance prevented gains and pushed the price back below $300 and 100 SMA (H4). The price is currently trading near the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. There is a decent support at $289.00 and the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. It must hold losses below $288 in the short term or there is a risk of a downside move towards $280.

On the upside, buyers need to break the trend line resistance and $305 for more gains. The next resistance is at $310 followed by the $325. The most important resistance is at $340 where sellers would appear.

4-hours MACD –The MACD is about to move back in the bullish zone.

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

Major Support Level– $289

Major Resistance Level– $305

Charts courtesy –SimpleFX

The post Ethereum Price Weekly Analysis – ETH/USD to Break Higher appeared first on NEWSBTC.

About crypto currency expert

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

18 + nineteen =