Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- ETH price remained well bid above the key $300 support area against the US Dollar.
- The price is currently moving higher and is placed nicely above the $310 pivot level.
- There is an ascending channel forming with support near $309 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also gaining momentum and it could trade further above $11,500.
Ethereum price is slowly gaining traction above $310 versus the US Dollar, whereas consolidating vs bitcoin. ETH price is likely to break the $320 and $325 resistance levels in the near term.
Ethereum Price Analysis
Yesterday, we saw a short term downside correction below $310 in Ethereum price against the US Dollar. The ETH/USD pair remained well bid above the $300 level. There was a lot of buying interest near $298 level and the 100 hourly simple moving average. As a result, the price started a fresh increase and climbed above the $300 and $305 levels. There was a break above the 50% Fib retracement level of the last decline from the $318 high to $296 swing low.
The upward move was positive as the price settled above the $310 level. It is now trading nicely above the 61.8% Fib retracement level of the last decline from the $318 high to $296 swing low. An immediate resistance is near the $313 level. It coincides with the 76.4% Fib retracement level of the last decline from the $318 high to $296 swing low.
Moreover, the main resistance on the upside is near the $316 level. If Ethereum price climbs above the $316 resistance, it is likely to gain bullish momentum. Therefore, the price could even climb above the $320 and $325 levels in the near term.
On the downside, there are many supports near the $305 level. Additionally, there is an ascending channel forming with support near $309 on the hourly chart of ETH/USD. If there is a downside break below $309, the price could test the $305 support. The main support now is near the $300 level and the 100 hourly SMA.
Looking at the chart, Ethereum price is clearly regaining bullish momentum above $310. Having said that, the bulls need to gather pace above the $316 and $320 levels. If they succeed, there are high chances of more gains above the $325 level. The next stop for the bulls in the mentioned case could be near the $340 level or even $345.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.
Major Support Level – $305
Major Resistance Level – $320
