HomeAltcoin NewsEthereum Price Analysis: ETH Could Continue To Surge And Follow Bitcoin

Ethereum Price Analysis: ETH Could Continue To Surge And Follow Bitcoin

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  • Ethereum price climbed higher sharply and settled above the $300 level against the US Dollar.
  • ETH price completed a downside correction near $300 and it is currently climbing towards $320.
  • There is a major bullish continuation pattern forming with resistance near $316 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to surge above the $320 and $325 resistance levels in the coming sessions.

Ethereum price is gaining pace above $312 against the US Dollar. ETH might continue to grind higher, with chances of a push above the $325 and $332 levels.

Ethereum Price Analysis

In the past few days, there was a strong rise in Ethereum price above the $280 and $285 resistances against the US Dollar. The ETH/USD pair even broke the key $300 resistance and settled above the 55 simple moving average (4-hours). The upward move was nasty as the price traded to a new yearly high near $318. Later, it started a downside correction and traded below the $305 level.

There was a break below the 23.6% Fib retracement level of the upside from the $261 low to $318 high. There was even a spike below the $300 support level. However, dips remained protected and the price climbed back above the $300 level. The price is now trading nicely above the $310 level, with a positive bias towards $320. It seems like there is a major bullish continuation pattern forming with resistance near $316 on the 4-hours chart.

Therefore, if there is an upside break above the $316 and $318 levels, the price could accelerate gains in the coming sessions. The next important resistance is near $325, above which the price could trade towards the $332 level. If there are more gains, the price may perhaps climb towards the $340 and $345 levels.

On the downside, an initial support is near the $305 level. The main support is near the $300 level. If there is a downside break, the price could test the $290 support. The 50% Fib retracement level of the upside from the $261 low to $318 high is also near the $290 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading with a strong bullish bias above $305. The price action suggests more gains above the $316 and $318 resistance levels. The main target for buyers this week might be $332 or even the $345 barrier.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is slowly climbing higher towards the 70 level.

Key Support Levels – $300, followed by the $290 zone.

Key Resistance Levels – $320 and $332.

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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