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Ethereum remained well bid above the $240 support area against the US Dollar. ETH price started a fresh increase and it could soon revisit the $288-$289 resistance zone.
- Ethereum is recovering losses and it recently climbed above the $265 resistance against the US Dollar.
- The price is gaining pace and it could rise further above $270 and $275.
- Yesterday’s highlighted key bearish trend line was breached with resistance near $262 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is slowly recovering and it could test the $9,800 and $10,000 resistance levels.
Ethereum Price Rising Again
Recently, we saw a strong downside correction in Ethereum below the $260 support against the US Dollar. ETH price even declined below the $250 support and the 100 hourly simple moving average.
Finally, it traded close to the $235 support area and a swing low was formed near $236. A support base is formed above $240 and the price is currently rising. It broke a few key hurdles near the $250 and $255 levels.
More importantly, yesterday’s highlighted key bearish trend line was breached with resistance near $262 on the hourly chart of ETH/USD. The pair gained traction above the 50% Fib retracement level of the downside correction from the $289 high to $236 low.
Additionally, the price settled above the $260 level and the 100 hourly simple moving average. Ethereum is now consolidating near the 61.8% Fib retracement level of the downside correction from the $289 high to $236 low.
It seems like the bulls are preparing for a push above the $272 and $275 resistance levels. In the mentioned case, the price is likely to rise strongly towards the $280 and $285 levels.
The main hurdle on the upside is near the $288-$289 area, above which there are chances of a strong rise towards the $300 and $305 levels in the near term.
Dips Remain Supported
If the price fails to continue above the $275 resistance, it could correct a few points. An initial support is near the $264 level and the 100 hourly SMA.
Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are likely to struggle to protect the $260 support. In the mentioned case, the price may perhaps correct towards the $255 support area.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.
Major Support Level – $262
Major Resistance Level – $275
