There were slow and steady gains in ETH price above the $260 level against the US Dollar. The price remains in an uptrend and recently traded as high as $273.46 where it faced a minor resistance. Later, a correction was initiated below the $270 level. The price moved below the 23.6% Fib retracement level of the last wave from the $249.48 low to $273.46 high.
On the downside, there are many supports like $265 and $266. There is also a crucial bullish trend line forming with support at $266 on the hourly chart of ETH/USD. The recent correction was prevented by the 38.2% Fib retracement level of the last wave from the $249.48 low to $273.46 high. The downside move or correction seems to be limited as long as the price is above $265. On the upside, the recent high of $273.46 is a short-term resistance.
Once buyers succeed in breaking it, there can be a move above $270 or even above $280. If at all there is a close below the trend line support, the price may test the $260 zone. Overall, the price is in an uptrend and eyes more gains above $270 in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level and moving higher.
Major Support Level – $265
Major Resistance Level – $275
source: newsbtc
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