Key Key Aspects
- The ETH price is recovering after trading at $ 282.73 and has formed a decent support against the US dollar.
- C & # 39; is an upward channel that is formed with the current support at $ 296 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair should rise slowly and steadily above the resistance levels $ 300 and $ 308 in the short term.
The price of Ethereum is showing positive signs against the US dollar and bitcoin. ETH / USD could accelerate earnings above $ 308 if it remains above $ 290.
Ethereum price support
A downward correction has been initiated by the $ 320 highest of the Eth against the US dollar. The ETH / USD pair fell below the $ 300 level and traded near the $ 282 support level. Low was formed at $ 282.73 and thereafter the price started an upward correction. It has moved above the $ 295 level and the simple 100-hour moving average. Also, there was a break above the 50% Fibre retracement level of the last slide from $ 321 up to $ 282 down.
However, the upward move was impeded by the $ 308-310 resistance zone. In addition, the fiber retracement level of 61.8% of the last slide from $ 321 high to low $ 282 also acted as resistance. At the moment, there seems to be a rising channel that is forming with the current $ 296 support on the hourly chart of Eth / USD. As long as the price is above channel support and $ 295, it is likely to move higher. On the upside, an initial resistance is close to the $ 308-310 zone. Above this, the price will most likely break the high swing of $ 320 for further gains.
Looking at the chart, the ETH price is positioned well above $ 295 and $ 290. Additional earnings are possible if buyers continue to hold $ 295 and $ 290 support.
MACD timetable – The MACD is slowly moving into the bullish zone.
RSI Schedule – The RSI is currently positioned well above level 50.
Main support level – $ 290
Level of main resistance – $ 310