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HomeAltcoin NewsEthereum Price Analysis: Here Is Why ETH Bulls Remain In Control

Ethereum Price Analysis: Here Is Why ETH Bulls Remain In Control

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  • Ethereum price started a solid rise above the $258 and $265 resistances against the US Dollar.
  • ETH price seems to be facing a tough barrier near the $278-279 resistance zone.
  • There is a crucial bullish trend line forming with support near $266 on the 4-hours chart (data feed from Coinbase).
  • The price must stay above the $265 and $266 support levels to clear the $279 resistance area.

Ethereum price is placed nicely in an uptrend above $265 decline against the US Dollar. ETH could climb higher sharply once it surpasses the $278-279 resistance zone.

Ethereum Price Analysis

In the past few days, there was a steady rise in Ethereum price from the $252 swing low against the US Dollar. The ETH/USD pair traded above the $255 and $260 resistance levels. The pair even broke the $265 resistance and settled above the 55 simple moving average (4-hours). Finally, there was a test of the key $278-279 resistance zone, where sellers took a stand.

A swing high was formed near $279 and the price recently corrected lower. It broke the $272 level and the 23.6% Fib retracement level of the upside from the $252 low to $279 high. However, the correction found support near the $265 support area. Moreover, there is a crucial bullish trend line forming with support near $266 on the 4-hours chart.

The 50% Fib retracement level of the upside from the $252 low to $279 high is also acting as a buy zone. If the price fails to stay above the trend line and $265, there could be a downside extension. The next key support is near $258 or the 76.4% Fib retracement level of the upside from the $252 low to $279 high. If there are more losses, the price could test $255 and the 55 simple moving average (4-hours).

On the upside, the $278-279 resistance zone holds a lot of importance. If there is an upside break above the $278-279 resistance zone, the price could accelerate towards the $288 swing high. Above $288, the price is likely to surge towards the $300 and $305 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly struggling to surpass the $278-279 resistance zone. If it continues to struggle, there are chances of a downside correction below the $265 and $260 support. If not, the price could climb towards the $300 and $305 levels in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is declining towards the 50 level.

Key Support Levels – $265, followed by the $258 zone.

Key Resistance Levels – $279 and $288.

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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