ETH Price Key Notes:
- ETH after trading over $325 against the US Dollar discovered sellers and proceeded down.
- There’s a growing triangle forming with support at 291 USD – about the 4-hours graph of ETH vs. USD.
- The ETH vs. USD pair may continue to grow with present resistance over USD 327.
- Ethereum is currently trading against the USD, however, surged higher when compared with Bitcoin. The ETH vs. USD stays supported near 291 USD.
Last week, there has been a decent upside movement in the ETH pricing above 325 USD level from the US Dollar. The ETH traded at a new high of 327.28 USD earlier and later encountered a downward trend as several traders started selling. There has been a sharp downward plunge, and with that, it traded under 296 US Dollar range. A dip was observed at around 287.41 USD, and from that point, it started to rise again.
Ethereum/ US Dollar Price Analysis
On the other hand, the upside movement was restricted by the 312 level. The 76.4 percent Fib retracement level of the previous decrease – from 327.28 USD high to 287.40 USD low additionally acted because of resistance. With this correction, the ETH is now trading lower; also it looks like there’s a growing triangle forming with support around 291 US DOllar in the 4-hours Japanese candle of ETH and USD.
However, the downside, there’s an adequate support forming in $291 range, along with the simple moving average 100 (H4). Provided that the Ethereum US Dollar pair is over 100 SMA along with the range USD 291 to 290, it may shart a new short-term bullish wave.
In general, there’s a growing trend forming with a decent support at 291 USD and resistance over 327 USD.
- 4-hours Moving Average – The MACD is currently in the bullish trend.
- 4-hours Relative Strength – The RSI is currently above the 50 level.
- Major Support Level is 291 USD.
- Major Resistance Level is 330 USD.