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.
Ethereum started a steady increase above the $260 and $265 resistance levels against the US Dollar. ETH price is currently retreating from $278, but it remains well supported.
- Ethereum is still struggling to climb above the $280 and $285 resistance levels against the US Dollar.
- The price traded as high as $278 and it is currently correcting lower.
- There is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also correcting lower from well above the $9,800 level.
Ethereum Price Remains In Uptrend
In the weekly analysis, we saw a few bullish signs for Ethereum above the $260 level against the US Dollar. As a result, there was a decent increase in ETH price above the $265 ad $270 levels.
Moreover, the price settled above the $270 level and the 100 hourly simple moving average. Finally, the price climbed towards the $280 level and traded as high as $278.
Recently, it started a downside correction below the $275 and $272 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $261 low to $278 high. However, there are many supports on the downside near the $266 and $265 levels.
Besides, there is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD. The 50% Fib retracement level of the upward move from the $261 low to $278 high is also near the $267 area.
Therefore, Ethereum remains well bid above the $266 and $265 levels. On the upside, the price is still facing a lot of hurdles above and near the $280 level.
The main hurdles is still near the $285 and $288 levels. A clear break above the $288 zone is needed for a push towards the $300 handle in the near term.
Dips Supported
If Ethereum price dives further, it might find support near the $265 level. The 100 hourly simple moving average is also near the $265 level to provide a strong support.
If the price struggle to stay above the 100 hourly simple moving average, there is a risk of more losses towards the $260 support area. Any further losses may perhaps increase bearish pressure and the price could slide towards the $250 support in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it could soon test the 50 level.
Major Support Level – $265
Major Resistance Level – $280
