RATE Group | Ethereum Price Analysis: ETH/USD Signaling More Upsides Above $296
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Ethereum Price Analysis: ETH/USD Signaling More Upsides Above $296

03 Sep Ethereum Price Analysis: ETH/USD Signaling More Upsides Above $296

Posted at 06:54h in Ethereum News by

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Key Highlights

  • ETH price recently traded towards the $303-305 level and later corrected lower against the US Dollar.
  • There is a major bearish trend line formed with resistance near $295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains nicely supported near the $288 level and the 100 hourly simple moving average.

Ethereum price is positioned for an upward move against the US Dollar and bitcoin. ETH/USD remains well supported near the $285-288 zone.

Ethereum Price Resistance

During the past three days, there were decent bullish moves above $280 in ETH price against the US Dollar. The ETH/USD pair broke the $295 and $300 resistance levels and formed a high at $302.64. Later, buyers failed to keep the price above the $300 level, resulting in a downside correction. It declined below the 23.6% Fib retracement level of the last leg from the $276 low to $302 high.

However, losses were protected near the $285-288 support zone. The stated level was a resistance earlier near…

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