- ETH price started a fresh increase after a sharp downside correction towards $225 against the US Dollar.
- The price is currently gaining traction and it broke the $240 and $245 resistance levels.
- There is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is surging higher and it seems like there could be more gains towards the $275 and $285 levels.
Ethereum price is once again gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is eyeing more gains and it seems like the price could revisit the $280 swing high.
Ethereum Price Weekly Analysis
This past week, Ethereum price gained a strong bullish momentum above the $250 resistance against the US Dollar. The ETH/USD pair rallied above the $260 and $270 resistance levels. The upward move was such that the price traded to a new 2019 high near $281. Later, there was a strong downside correction in both bitcoin and Ethereum. ETH price declined sharply below the $260 and $250 support levels. It traded close to the $225 level and stayed well above the 100 simple moving average (4-hours).
A swing low was formed recently near $223 and a new support base was formed. Moreover, there is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD. As a result, the pair climbed higher and broke the $240 resistance. There was a break above the 23.6%% Fib retracement level of the last decline from the $281 swing high to $223 low. It opened the doors for more gains above the $250 level. The price is now testing the 50% Fib retracement level of the last decline from the $281 swing high to $223 low.
A clear break above the $255 resistance is likely to set the pace for more gains. The next immediate resistance is near $258, above which the price will most likely retest the $281 swing high. The next important resistance is near the $288 and $292 levels. On the downside, the main support for the bulls are near $240 and $225.
The above chart indicates that Ethereum is placed nicely above the key supports near $240 and $225. Therefore, there are high chances of a strong upward move was above the $255 and $260 resistance levels. The next target for the bulls could be $300.
4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 50 level and it could climb towards 80.
Major Support Level – $225
Major Resistance Level – $280
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Author: Aayush Jindal