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Key Points
- The ETH price found support close to $ 271-272 and started an upward move against the US dollar.
- The bearish trend line highlighted yesterday with resistance to $ 281 was violated on the hourly chart of Eth / USD (data feed via Kraken).
- The pair traded above $ 290 and $ 295 levels, but sellers appeared near the $ 300 level.
The price of Ethereum is slowly gaining ground against the US dollar and bitcoin. The ETH / USD is now positioned well in a positive zone above the $ 284 level.
Ethereum Price Support
After trading at $ 268.13, the ETH constituted a basis for an upward move against the US dollar. The pair ETH / USD started trading higher and gained momentum above the resistance levels $ 278 and $ 284. The price also rose above the $ 290 level and stood above the simple moving average of 100 hours. More importantly, the price has gone beyond the 50% Fibra retracement level of the last decline from $ 306 up to $ 268 low.
In addition, the bearish trend line highlighted yesterday with resistance to $ 281 was violated on the hourly chart of Eth / USD. The pair is now positioned well above the $ 284 level, which is a positive sign. The recent upward move found sellers near the $ 300-301 zone. The price has shrunk and is currently trading below the $ 295 level. The sellers pushed the price below the fiber retracement level of 23.6% of the last wave, from $ 268 down to $ 301 at the top. On the flip side, the next support is close to the $ 288 level and to the SMA every 100 hours. Below this, the next major support is close to the $ 284 level, which is also a pivot level.
Looking at the chart, the ETH price is trading with bullish movements above $ 282. On the upside, the price must exceed the resistances from $ 295 and $ 300 for further gains in the short term
MACD timetable – The MACD is back abruptly in the bullish zone.
RSI timetable – The RSI is currently well above level 55.
Main support level – $ 284
Level of main resistance – $ 301
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