Ethereum (ETH) Price Grinding Higher: Fresh Rise Above $265 Likely

Aayush Jindal

1 year ago

2 mins read

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ETH price is slowly moving higher and it is currently holding the $250 support against the US Dollar.
The price is likely to gain pace above the $265 and $270 resistance levels in the near term.
Yesterday’s highlighted ascending channel is intact with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains in a decent uptrend and it seems like there could be more gains above $270.

Ethereum price is trading with a positive bias above the $250 support versus the US Dollar, but consolidating vs bitcoin. ETH could continue to rise as long as the $250 support is intact.

Ethereum Price Analysis

In the past few sessions, Ethereum price slowly moved higher from the $239 swing low against the US Dollar. The ETH/USD pair broke the $245 resistance level and settled above 100 hourly simple moving average. The recent rise was positive as there was a break above the 50% Fib retracement level of the last decline from the $265 high to $239 low. The price even broke the $255 resistance area and tagged the $263 level.

There was a spiked above the 76.4% Fib retracement level of the last decline from the $265 high to $239 low. The price traded close to the last swing high near $265 and it is currently moving lower. On the downside, there is a strong support near the $252 and $250 levels. Moreover, yesterday’s highlighted ascending channel is intact with support near $252 on the hourly chart of ETH/USD. Below the channel support, the $250 level and the 100 hourly SMA are important supports. If there is a downside break below $250, the price could move into a bearish zone.

Conversely, if there is an upside break above the $265 swing high, the price could continue moving higher. The next stop could be $270. It represents the 1.236 Fib extension level of the last decline from the $265 high to $239 low. The main resistance above the $270 level is near the $280 level.

Looking at the chart, Ethereum price is currently trading with a positive bias above the $250 support area. Therefore, there are high chances of more gains above the $264 and $265 levels. However, if the bulls continue to struggle near the $265 level, there could be a major downside correction. A clear break below $250 may take the price back towards the $240 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowing moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a flat structure.

Major Support Level – $250

Major Resistance Level – $265

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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