Ethereum Price Key Highlights
- Ethereum price is starting a new uptrend on the 1-hour chart, moving above a rising trend line connecting the latest lows of price action.
- Price could be in for a quick pullback to the support area at 0.00250BTC since the resistance near the psychological 0.00300BTC mark held.
Ethereum price is making a correction from its recent climb, potentially drawing more buyers to the mix and extending its gains.
Dynamic Support at 100 SMA
The moving averages are supporting the idea of further gains, as the 100 SMA is treading above the longer-term 200 SMA. In addition, the 100 SMA is near the rising trend line and might also hold as a dynamic support level.
Stochastic and RSI are both pointing down, which suggests that buyers are taking a break and allowing sellers to take control of direction. Once the indicators reach the oversold area and turn higher, buyers could get back in the game.
A small complex head and shoulders pattern can be seen at the top of the latest rally, suggesting that a quick correction is in order. The 0.00250BTC level might be the line in the sand for any retracements, as a break below this region could signal the start of a downtrend.
Intraday support level – 0.00250BTC
Intraday resistance level – 0.00300BTC
Charts from TradingView
