- 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.
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.
