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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
technical analysis ethereum
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Ethereum Price Analysis: ETH/USD Poised for More Upsides

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price is gaining momentum and it could break the $304 resistance for more upsides against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might decline a few points towards $290 and $288 before climbing higher in the near term.

Ethereum price is placed nicely in a bullish zone against the US Dollar, but it is struggling versus bitcoin. ETH/USD may soon break $304 to gain momentum.

Ethereum Price Trend

There were mostly range moves above the $277 level in ETH price during the past few sessions against the US Dollar. The ETH/USD pair formed a decent support near $277 and later started an upside move. It traded above the 50% Fib retracement level of the last drop from the $331 high to $250 low. There were a couple of bullish candles formed above $280, but bulls failed to gain momentum.

More importantly, there was a break above a key bearish trend line with resistance at $295 on the hourly chart of ETH/USD. The pair is now trading above the $290 level and the 100 hourly simple moving average. If the recent break is true and buyers gain traction, the price may well move past the $304 resistance. Above this, the next resistance is near the 76.4% Fib retracement level of the last drop from the $331 high to $250 low. Finally, the price might aim to test the last swing high at $331-332.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is trading with a positive bias above $277-280. In the short term, there could be a tiny bearish reaction, but the price is likely to find support near the $282 and $277 levels.

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI – The RSI is now placed well above the 50 level with a bullish angle.

Major Support Level – $277

Major Resistance Level – $304

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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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.

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