HomeAltcoin NewsEthereum Price Analysis: Bulls Eyeing Significant Upside Break

Ethereum Price Analysis: Bulls Eyeing Significant Upside Break

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  • Ethereum price climbed steadily after testing the $231 and $232 supports against the US Dollar.
  • ETH price broke the $262 resistance area, but it is struggling to clear the $280 resistance.
  • There is a key bullish trend line in place with support at $258 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to surge once it clears the main $280 resistance level in the near term.

Ethereum price is trading nicely in an uptrend above $260 against the US Dollar. ETH is likely to surpass the $280 barrier and accelerate towards the $300 and $320 resistances.

Ethereum Price Analysis

This past week, Ethereum price corrected lower below the $250 support against the US Dollar. The ETH/USD pair retested the main $231 and $232 support levels, where the bulls emerged. A swing low was formed near $231 and the price started a fresh increase. There was a break above the $250 and $254 resistance levels. The price even broke the key $262 resistance and the 55 simple moving average (4-hours). It opened the gates for more upsides above the $270 level.

ETH traded towards the main $280 resistances, where sellers protected further gains. A swing high was formed recently near $276 and the price is currently correcting lower. It is trading below the $272 level and the 23.6% Fib retracement level of the recent wave from the $246 swing low to $279 swing high. On the downside, there are many key supports near the $262 and $260 levels. The 50% Fib retracement level of the recent wave from the $246 swing low to $279 swing high is also near $262 to act as a strong support.

Moreover, there is a key bullish trend line in place with support at $258 on the 4-hours chart. The trend line support coincides with the 61.8% Fib retracement level of the recent wave from the $246 swing low to $279 swing high. Therefore, if the price corrects lower, it is likely to find a strong support near the $262 or $258 level. On the upside, the main hurdles are near $278 and $280.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading nicely above the $258 support level. The current price action indicates a minor decline before the bulls attempt to clear the key $280 resistance area. A successful break above the $280 barrier is likely to set the pace for more gains above $300 and $320.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting lower towards the 60 level.

Key Support Levels – $262, followed by the $258 zone.

Key Resistance Levels – $280 and $300.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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