Ethereum Price Technical Analysis – ETH/USD Forming Breakout Pattern

Key Highlights

  • ETH price climbed higher and traded close to the $300 level against the US Dollar.
  • There is a new contracting triangle pattern with support at $278 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price remains elevated as long as it stays above the $278-270 support area in the near term.

Ethereum price moved higher and gained strong bids against the US Dollar and Bitcoin. Now, can ETH/USD continue moving higher and stay above $270?

Ethereum Price Support

There was a decent ride in ETH price as it climbed above a few important resistance levels like $270 against the US Dollar. The upside move was strong and as a result, there almost a test of the $300 handle. The price traded as high as $298.71 where it faced offers. However, there was no complete test of the 1.236 Fib extension of the last decline from the $281.50 high to $199.80 low at $300.60. The price is currently correcting lower from the $298 swing high.

On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $238.56 low to $298.71 high. It looks like there is a new contracting triangle pattern with support at $278 forming on the hourly chart of ETH/USD. The most important support is near $270, which is close to the 50% Fib retracement level of the last wave from the $238.56 low to $298.71 high. As long as the price stays above the $270 level, there is a chance of it breaking $298 in the near term.

Ethereum Price Technical Analysis ETH USD

A break and close above $298 would clear the path for more gains. On the other hand, a close below $270 could increase the bearish pressure.

Hourly MACD – The MACD is slowly decreasing the bullish slope.

Hourly RSI – The RSI is heading lower towards the 50 level.

Major Support Level – $270

Major Resistance Level – $298

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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