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Key Issues
- The ETH price remained supported near $ 265 and moved slowly above the $ 270 level against the US dollar.
- C & # 39; is a short-term uptrend channel formed with support for $ 271 on the ETH / USD time chart (data feed via Kraken).
- The pair could face upward obstacles near resistance levels $ 284 and $ 285.
The price of Ethereum is mainly traded in a range compared to the US dollar and bitcoin. The ETH / USD could slowly rise to the $ 290 level with varying movements.
Ethereum price resistances
After trading at $ 259.17, the ETH price found support against the US dollar. The ETH / USD pair started moving higher with most moves above the $ 270 level. It eliminated the fiber retracement level of 38.2% of the last drop, from $ 300 swing high to $ 260 swing low. However, the upside move has faced much resistance around $ 280, $ 281 and 100 simple moving average on an hourly basis.
In addition, the 50% fiber retracement level of the last drop from the $ 301 swing high to $ 260 swing low also has strong resistance The price is currently trading in a range above the $ 270 level, but there they are also some positive signs. It is also a short-term uptrend channel that is formed with support for $ 271 on the hourly chart of Eth / USD. On the upside, the price must break the resistance of $ 281 and exceed the SMA 100 hours to gain traction. Above this, the price will probably test the resistance of $ 290 in the short term. On the downside, channel support is at $ 271, below which the price can drop to $ 260.
Looking at the chart, the ETH price is likely to close near the resistance of $ 281 and the 100-hour SMA. That said, the price could rise slowly and steadily towards the $ 290 level in the short term.
MACD timetable – The MACD is slowly moving into the bullish zone.
Hourly RSI – The RSI is located just above level 50.
Main support level – $ 271
Level of main resistance – $ 281
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