HomeAltcoin NewsEthereum Price Analysis: ETH Sighting Strong Gains Similar To Bitcoin

Ethereum Price Analysis: ETH Sighting Strong Gains Similar To Bitcoin

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  • Ethereum price remains well bid above the $270 level and recently recovered against the US Dollar.
  • ETH price broke the key $292 and $300 resistance levels to move into a positive zone.
  • There is a key ascending channel forming with current resistance near $318 on the 4-hours chart (data feed from Coinbase).
  • The price could surge towards $340 if there is a successful close above the $320 resistance.

Ethereum price is showing positive signs above the $300 level against the US Dollar. ETH might start a strong rise if it clears the $320 and $325 resistance levels in the near term.

Ethereum Price Analysis

After trading towards the $270 level, Ethereum price found a strong buying interest against the US Dollar. The ETH/USD pair traded as low as $271 and recently started a fresh increase. There was a break above the $285 and $290 resistance levels. Moreover, the price successfully settled above the $300 level and the 55 simple moving average (4-hours). It cleared the path for more gains and the price spiked above the $315 level.

It traded to a new monthly high near the $318 level and it is currently consolidating gains. On the upside, there are a few important resistances near $318, $320 and $325. Moreover, there is a key ascending channel forming with current resistance near $318 on the 4-hours chart. On the downside, an initial support is near the $310 level plus the 23.6% Fib retracement level of the recent wave from the $284 low to $318 high.

If there is a downside correction below the $310 support, the price could test the $300-301 support area. The 50% Fib retracement level of the recent wave from the $284 low to $318 high is also near the $301 level to provide support. The next major support is near the channel support at $294 and the 55 simple moving average (4-hours). If there is a downside break below $292 and the 55 simple moving average (4-hours), the price could decline towards $270.

On the upside, the price must break the $318, $320 and $325 resistance levels. Once there is a successful close above the $320 and $325 levels, the price is likely to accelerate towards the $340 and $350 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently struggling near a few important hurdles such as $318, $320 and $325. Once the price clears these, there could be more gains towards $350.

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 currently above the 60 level, with a positive bias.

Key Support Levels – $310, followed by the $300 zone.

Key Resistance Levels – $320 and $325.

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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