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Key Points
- The ETH price gained traction and exceeded resistance levels $ 277 and $ 280 against the US dollar
- The important bearish trend line yesterday was liquidated with resistance close to $ 273 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair traded up to $ 288.58 and currently fixes values below $ 278-280.
The price of Ethereum is slowly moving towards a positive zone compared to the US dollar and bitcoin. The ETH / USD must stay above the $ 275 support to rebound in the short term.
Ethereum Price Support Area
Yesterday, we discussed an important resistance zone near the $ 277 level for the ETH price against the US dollar. The ETH / USD pair managed to gain momentum recently and managed to cancel the $ 277 resistance. There was also a break and close above the $ 280 level plus the 100-hour moving average. He opened the door for further gains and the price has surpassed the $ 282 resistance.
The most important move was above the important bearish trend line of yesterday with resistance close to $ 273 on the hourly chart. ; Eth / USD. The pair traded up to $ 288.58 and currently corrects the lowest level. It has moved below the fiber retracement level of 23.6% of the recent wave, from $ 269 down to $ 288 up. It may continue to fall towards support levels of $ 280 and $ 277 where buyers are likely to emerge. In addition, the Fibra 50% retracement level of the recent wave from the low of $ 269 to $ 288 is close to $ 279. Finally, the 100-hour SMA is positioned near the $ 276 level and a bullish trend line.
Looking at the chart, the ETH price may very well fall to $ 277, but dives are likely to remain supported. On the upside, the price must exceed $ 285 and $ 288 levels to continue towards $ 295 and $ 300.
MACD schedule – The MACD is positioned in the bullish zone.
RSI timetable – The RSI is now well above the 50 level.
Main support level – $ 277
Level of main resistance – $ 288
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