Ethereum price traded further higher against the US Dollar and Bitcoin, and now ETH/USD looks set to gain pace above $300 in the near term.
- ETH price gained pace and moved above the $288 resistance against the US Dollar.
- This week’s two bearish trend lines with resistance at $265 on the hourly chart of ETH/USD (data feed via SimpleFX) were broken to set bullish trend.
- The price is currently attempting a break above the second trend line at $270-275.
Ethereum Price Back in Bullish Zone
Yesterday, we saw an increase in buying interest for ETH price above $250 against the US Dollar. The price gained pace and moved above a few important bearish resistance at $265. The best part was a close above a key resistance area of $288. The price was above to move past the 61.8% Fib retracement level of the last decline from the $315 high to $202 low. It cleared the way for more gains and the price even moved above $290.
During the upside, there was a break above this week’s two bearish trend lines with resistance at $265 on the hourly chart of ETH/USD. The price recently moved past $300 and traded as high as $316. There is a chance of a minor correction from the current levels towards $300 or $288. An initial support is also around the 23.6% Fib retracement level of the last wave from the $202 low to $316 high.
The 100 hourly simple moving average is at $270, which is also a good support zone. It coincides with the 38.2% Fib retracement level of the last wave from the $202 low to $316 high. Overall, ETH price is back in the bullish zone and with good supports at $288 and $270.
Hourly MACD – The MACD is placed well in the bullish zone.
Hourly RSI – The RSI is heading higher in the bullish zone.
Major Support Level – $270
Major Resistance Level – $330
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Charts courtesy of SimpleFX