Key Highlights
- ETH price is slowly and steadily moving higher towards $330 against the US Dollar.
- There is a major bullish trend line forming with support at $294 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and most likely to test the $335-340 resistance zone.
Ethereum price is steadily rising against the US Dollar and Bitcoin. ETH/USD buyers might attempt an upside break towards $340 in the near term.
Ethereum Price Uptrend
There was a slow consolidation above $280 in ETH price against the US Dollar. The price consolidated for a long time before it gained pace for an upside move above $294. The current price action is very positive as ETH is now placed well above $300 and the 100 simple moving average (H4). The best part was break above the 76.4% Fib retracement level of the last decline from the $315.77 high to $200.80 low.
It has opened the doors for more gains and the price is likely to accelerate above the $315 high. The next resistance is around the 1.236 extension of the last decline from the $315.77 high to $200.80 low at $342. Moreover, there is a connecting resistance trend line as well at $338. On the downside, there is a major bullish trend line forming with support at $294 on the 4-hours chart of ETH/USD. As long as the pair is above the support at $294 and the 100 simple moving average (H4), there can be more gains.
In the medium term, the price could even test the 1.618 extension of the last decline from the $315.77 high to $200.80 low at $386. In the short term, buying dips can be considered towards $294 and the 100 SMA.
4-hours MACD – The MACD is gaining pace in the bullish zone.
4-hours RSI – The RSI has reached the overbought levels.
Major Support Level – $294
Major Resistance Level – $340
Charts courtesy – SimpleFX