Home Tech Ethereum Price Technical Analysis – ETH/USD Breakout Pattern

Ethereum Price Technical Analysis – ETH/USD Breakout Pattern

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Ethereum Price Resistance

There were a couple of tiny swing moves in ETH price towards the $292-294 support zone against the US Dollar. The downside reaction was mostly supported by the $292 level and the price remains range bound. It seems like there is a major contracting triangle forming with resistance at $301.50 on the hourly chart of ETH/USD. The pair recently tested the triangle resistance near $302.60 and declined back towards $295.

A low was formed at $294.15 and the price was able to gather bids to move above the 100 hourly simple moving average. It has moved above the 23.6% Fib retracement level of the last decline from the $302.62 high to $294.15 low. The current price action is positive, and it seems like the price might soon test the 61.8% Fib retracement level of the last decline from the $302.62 high to $294.15 low. However, the upside move is likely to be capped by $300-301.

Ethereum Price Technical Analysis ETH USD

A proper break above the triangle resistance at $301.50-302.00 is required for more gains in the near term. Until there is a break, ETH might continue to move inside a range above $292. On the upside, the $309-310 remains a major hurdle for buyers in the medium term.

Hourly MACD – The MACD is not showing any major bullish signs.

Hourly RSI – The RSI is currently just above the 50 level with bullish angle.

Major Support Level – $292

Major Resistance Level – $302

Source:newsbtc.com