• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
sleepwalking, technical analysis ethereum
Sensei Inu Logo

Ethereum (ETH) Price Breaks Key Resistance, Outpaces Bitcoin

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price started a decent recovery and broke the key $300 resistance area against the US Dollar.
  • The price was able to settle above the $300 level and it recently tested the $310 resistance.
  • There is a major bullish trend line forming with support near $292 on the hourly chart of ETH/USD (data feed via Kraken).
  • If there is a downside correction, the price is likely to find support near $300 or $298.

Ethereum price is showing a lot of positive signs versus the US Dollar and bitcoin. ETH price is currently trading nicely above $300 and it could continue higher.

Ethereum Price Analysis

In the past few sessions, there was a slow and steady rise in Ethereum from the $286 swing low against the US Dollar. The ETH/USD pair formed a decent support base above the $285 level and recently traded above the $290 and $295 resistance levels. Moreover, there was a close above the $300 level and the 100 hourly simple moving average. It opened the doors for more gains above the $305 level.

A new weekly high was formed near $311 and the price is currently correcting lower. It broke the $305 level and the 23.6% Fib retracement level of the recent wave from the $290 low to $311 high. However, the recent decline seems limited, with supports near $302 and $300. At the outset, the $302 level is acting as a solid support. Moreover, the 50% Fib retracement level of the recent wave from the $290 low to $311 high is near the $300 level to act as a strong support.

More importantly, there is a major bullish trend line forming with support near $292 on the hourly chart of ETH/USD. The pair remains well supported on the downside near the $300, $295 and $292 levels. The 61.8% Fib retracement level of the recent wave from the $290 low to $311 high is also near $298. Therefore, dips remain well supported on the downside in the near term.

On the upside, if there is a break above the $308-310 resistance, the price could accelerate higher. The next major hurdle for the bulls is near the $308 level, above which the price could accelerate towards the $325 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is showing a lot of positive signs above $300 and it even outpaced bitcoin in the recent upward move. Once the current correction is complete, the price could rise above $310.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope, with a few bearish signs.

Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 80 level.

Major Support Level – $300

Major Resistance Level – $310

Tags: ETHethereum
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

XRP price

XRP Price Set To Skyrocket: Crypto Analyst Predicts 1160% Surge Ahead

43 mins ago
Ethereum

Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet

4 hours ago
Bitcoin Price

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

5 hours ago
Uniswap

Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low

6 hours ago
Cardano ADA price

Factors That Suggest A Recovery For The ADA Price

10 hours ago
XRP price

XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle

11 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • As the Market Turns Green Again, Strategic Investors Are...

    32 mins ago
  • Can Ethereum (ETH) and Bitcoin (LTC) bounce from current...

    15 hours ago
  • Solana Defies Price Fears, Bitcoin Spark Leads ICO...

    21 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    22 hours ago
  • Expert Reviews Of IBKR vs eToro And The Promising Broker...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.