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Key Points
- The ETH price is gaining momentum and could break the resistance of $ 304 for more disadvantages than the US dollar
- C & # 39; it was a break above a bearish trend line with resistance to $ 295 on the ETH / USD time chart (data feed via Kraken).
- The pair could fall by some points towards $ 290 and $ 288 before rising higher in the short term.
The price of Ethereum is well positioned in a bullish zone compared to the US dollar, but it is fighting against bitcoins. The ETH / USD could soon beat $ 304 to gain momentum.
Ethereum price trend
During previous sessions against the US dollar, there were above all top moves above the $ 277 level of the ETH price. The ETH / USD pair formed a decent support near $ 277 and then started an upward move. It traded above the 50% fiber retracement level of the last drop, from $ 331 up to $ 250 down. There were a couple of bullish candles formed above $ 280, but the bulls could not gain momentum.
More importantly, there was a break above a key bearish trend line with resistance at $ 295 on the hourly chart of Eth / USD. The pair now trades above the $ 290 level and the simple 100-hour moving average. If the recent break is true and buyers gain traction, the price could exceed the resistance of $ 304. On top of that, the next resistance approaches the Fib retracement level 76.4% of the last drop from $ 331 up to $ 250 down. Finally, the price may be aimed at testing the last swing high at $ 331-332.
Looking at the chart, the ETH price is trading with a positive bias above $ 277- 280. In the short term, there may be a small downward reaction, but the price will probably find support near the $ 282 and $ 277 levels.
MACD schedule – The MACD is showing positive signs in the bullish zone.
RSI timetable – The RSI is now positioned well above the 50 level with a bullish angle.
Main Support Level – $ 277
Main Resistance Level – $ 304
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