- Ethereum price started a strong rally above the $250 pivot level against the US Dollar.
- ETH price surged above the $300 level and traded to a new multi-week high at $334.
- There is a major bullish trend line forming with support near $308 on the 4-hours chart (data feed from Coinbase).
- The pair remains in a strong uptrend and it is likely to resume its rise above $320.
Ethereum price is trading nicely in an uptrend above $300 against the US Dollar. ETH/USD is likely to climb back above $320 and $330 as long as it is above $304.
Ethereum Price Analysis
In the past few days, Ethereum price saw a nasty increase above the $250 resistance against the US Dollar. ETH price gained bullish momentum above the $280 resistance and the 55 simple moving average (4-hours).
Finally, there was a break above the $300 barrier and the price traded to a new multi-week high at $334. Recently, there was a downside correction below the $320 level. The price traded below the 23.6% Fib retracement level of the upward move from the $281 swing low to $334 high.
However, the price found support near the $308 level. It seems like the 50% Fib retracement level of the upward move from the $281 swing low to $334 high is acting as a strong buy zone.
There is also a major bullish trend line forming with support near $308 on the 4-hours chart. Below the trend line support, the price could test the $286 support level. Any further losses may perhaps lead the price towards the $280 level and the 55 simple moving average (4-hours).
On the upside, the price is facing a minor hurdle near the $320 and $322 levels. A successful close above the $322 level may perhaps start a fresh increase. The main hurdle is now near the $334 high, above which the bulls are likely to aim a test of the $350 level.
Looking at the chart, Ethereum price is clearly trading in a strong uptrend above the $300 and $304 levels. Therefore, the pair is likely to resume its upside and dips might find bids near the $304 area.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently sliding towards the 50 level.
Key Support Levels – $304, followed by the $300 zone.
Key Resistance Levels – $322 and $334.