Key Highlights
- ETH price started a short-term correction and moved above the $275 level against the US Dollar.
- This week’s followed important bearish trend line is in place with resistance at $300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to find a strong selling interest near the $295, $300 and $305 resistance levels.
Ethereum price recovered a few points against the US Dollar and bitcoin. ETH/USD is now heading towards a monster resistance near $295-300.
Ethereum Price Upside Hurdle
Yesterday, we saw a sharp drop towards the $250 level in ETH price against the US Dollar. Later, the ETH/USD pair found buyers and started an upside correction from the $249 swing low. It moved above the $260 and $275 resistance levels. Moreover, there was a break above the 38.2% Fib retracement level of the last key decline from the $331 high to $249 low.
However, the price is facing many hurdles on the upside near the $290-300 zone. At the moment, the price is testing the 50% Fib retracement level of the last key decline from the $331 high to $249 low. If it breaks the $290 level, there is a crucial resistance waiting near $300. More importantly, this week’s followed important bearish trend line is in place with resistance at $300 on the hourly chart of ETH/USD. The same trend line is positioned with the 100 hourly simple moving average near $300. Therefore, sellers are likely to defend more gains above the $295 and $300 resistance levels.
Looking at the chart, ETH price is recovering positively above $275, but a push above $300 is needed for a larger upward wave. If it fails to move past $300, there could be a fresh bearish wave back towards the $270 and $260 support levels.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI has moved above the 50 level with positive signs.
Major Support Level – $270
Major Resistance Level – $295
