Ethereum price is trading in a range against the US Dollar and Bitcoin, and ETH/USD needs a close above $282 for further gains in the near term.
Key Highlights
ETH price remained in a range below $265 against the US Dollar, but soon approaching a break.
There is a connecting bearish trend line with resistance at $265 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
On the upside, there are two important resistance levels- $265 and $282.
Ethereum Price Resistances
There was no major action in ETH price during the past 2-3 sessions, as it remained below $282 against the US Dollar. It looks like the price is trading in a range with two important resistance levels- $265 and $282. The price is currently above the 23.6% Fib retracement level of the last decline from the $282 high to $249 low. The first crucial resistance is around a connecting bearish trend line with resistance at $265 forming on the hourly chart of ETH/USD.
The 100 hourly simple moving average is also around the trend line resistance at $265. Moreover, the 50% Fib retracement level of the last decline from the $282 high to $249 low is also near $266. This is why $265-266 is the first major hurdle for buyers. The second one is around the $282 level. It acted as a barrier many times, and the price may continue to face resistance near $282. Only a successful close above $282 would ignite further gains and take ETH above the $300 handle.
An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the $282 high to $249 low. On the downside, the $248 and $250 levels might continue to provide support.
Hourly MACD – The MACD is mostly neutral and flat.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $248
Major Resistance Level – $265
Source: http://www.newsbtc.com/2017/07/07/ethereum-price-technical-analysis-ethusd-range-bound-2/