Ethereum (ETH) Price Smashes Resistance: Stage Set For $300?
- ETH price rallied recently and broke the key $270 and $280 resistance levels against the US Dollar.
- The price is now trading nicely above $275 and it is likely to accelerate towards the $300 level.
- There was a break above a major bearish trend line with resistance near $270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be setting up for more gains and it could soon test the $300 barrier.
Ethereum price is climbing higher sharply versus the US Dollar, similar to bitcoin. ETH price is above many hurdles and it is likely to continue higher along with BTC in the near term.
Ethereum Price Analysis
After settling above the $265 level, Ethereum price gained bullish momentum against the US Dollar. The ETH/USD pair broke many hurdles near the $270 resistance and settled above the 100 hourly simple moving average. The upward move was strong since the price climbed above $275 to move into a positive zone. There was a clear break above the 76.4% Fib retracement level of the downward move from the $275 high to $261 swing low.
Moreover, there was a break above a major bearish trend line with resistance near $270 on the hourly chart of ETH/USD. Finally, the price broke the key $280 resistance and climbed towards the $285 level. It tested the 1.236 Fib extension level of the downward move from the $275 high to $261 swing low. At the moment, the price is trading with a bullish bias above $280.
Moreover, an initial support is near $280, and the 23.6% Fib retracement level of the recent rally from the $267 low to $285 high. Additionally, there are many supports on the downside between $270 and $280. The $275 level is also near the 50% Fib retracement level of the recent rally from the $267 low to $285 high.
The main support could be $270, which recently acted as a strong resistance. On the upside, an initial hurdle is near the $285 level, above which the price is likely to gain pace above $288 and $290. Above $290, the price is likely to test the key $300 level.
Looking at the chart, Ethereum price seems to be setting up for more gains and it could soon test the $300 barrier. If there is a downside correction, the price is likely to find support near $280 or $275.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining strong momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently placed in the overbought zone and it could correct lower towards 70.
Major Support Level – $275
Major Resistance Level – $285