- ETH price is slowly moving higher and currently trading near $301 against the US Dollar.
- There are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- A break and close above $303 could take the price towards the next resistance near $318.50.
Ethereum price is testing a major hurdle against the US Dollar and Bitcoin. Let’s see if ETH/USD can break $303 for further upsides in the near term.
Ethereum Price Upside Hurdle
There was a bearish wave in ETH price towards the $288 level recently against the US Dollar. However, the price was able to recover from $288. There was a decent base formed near $288 and the price was able to move above $290. It is now above the 50% Fib retracement level of the last drop from the $306.69 high to $287.13 low. It is a positive sign and the current structure looks bullish above the $280 level.
At the moment, the price is trading near a major resistance zone at $301-303. The $302 level is near the 76.4% Fib retracement level of the last drop from the $306.69 high to $287.13 low. The 100 hourly simple moving average is positioned near $302 to act as an important resistance. Moreover, there are two bearish trend lines with resistance near $303 forming on the hourly chart of ETH/USD. If there is a break and close above $303, the pair could trade towards the next resistance near $318.50.
There is another bearish trend line sitting near $318.50. On the flip side, there is a bullish trend line in place at $294.50. The pair might soon break either $303 or $294 for the next move.
Hourly MACD – The MACD is currently flat in the bullish zone.
Hourly RSI – The RSI is heading higher towards the 60 level.
Major Support Level – $294
Major Resistance Level – $303
Charts courtesy – SimpleFX