Ethereum (ETH) Price Holding Uptrend Support: Bulls Eyeing $300
- ETH price recently climbed higher and settled above the $265 resistance against the US Dollar.
- The price gained traction and spiked towards the main $280 resistance area.
- There is an ascending channel forming with support near $266 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is trading nicely above the key $265 support and it may continue to rise in the near term.
Ethereum price is showing positive signs versus the US Dollar, but struggling vs bitcoin. ETH is likely to accelerate higher and it might break the $280 and $285 resistance levels.
Ethereum Price Analysis
Yesterday, we saw a strong rise in Ethereum price above the $255 resistance against the US Dollar. The ETH/USD pair even broke the $265 resistance and settled above the 100 hourly simple moving average. The upward move was strong since there was a spike above the $272 and $275 levels. The price traded close to the $280 level and a new weekly high was formed near $279.60. However, the bulls failed to clear the $280 barrier and the price is currently correcting lower.
It corrected below the $270 level and the 23.6% Fib retracement level of the upward move from the $246 low to $279 high. The recent correction was such that the price revisited the $265 zone, which acted as a strong support area. Moreover, there is an ascending channel forming with support near $266 on the hourly chart of ETH/USD. The pair is also holding the 50% Fib retracement level of the upward move from the $246 low to $279 high. It is currently moving higher and trading near the channel resistance at $276.
If there is an upside break above the $276 resistance, there are chances of a strong upward move towards the $280 and $285 levels. In the mentioned case, the price is likely to rally towards the $300 level. Conversely, if there is a downside correction, the price is likely to find support near the $266 and $265 levels. Below the $265 support area, the next main support is near the $258 level.
Looking at the chart, Ethereum price is showing a lot of positive signs above the $265 and $266 levels. If the price continues to consolidate above the $265 level, there are high chances of a strong upward move above the $275 and $280 levels. The main target for the bulls could be $300 in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.
Major Support Level – $265
Major Resistance Level – $280