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Ethereum price remained below the $318.00 resistance area and traded in a range. Bitcoin price climbed above $13,000 recently, but ETH price seems to be struggling below $320.00.

  • Ethereum price found support near the $302.50 level and climbed higher recently.
  • ETH/USD is facing resistance near $316.50 and a connecting bearish trend line on the 30-minute chart.
  • The price might continue to consolidate before it either climbs above $320.00 or revisits $300.00.

Ethereum Price

Ethereum Price Analysis (ETH to USD)

Yesterday, there was a downside correction in Ethereum price below the $312.00 and $310.00 levels. ETH/USD even traded below the $307.50 support level, but the $302.50 level acted as a decent support. Besides, bitcoin price extended upsides and traded to a new weekly high above $13,100.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as low as $302.77 and climbed back above the $307.50 and $310.00 resistance levels. Moreover, there was a close above $308.00 plus and 25 simple moving average (30-min).

During the rise, the pair broke a declining channel with resistance near the $308.20 level. However, the price struggled near the $316.50 resistance and a connecting bearish trend line on the same chart.

It is currently correcting lower and traded near the $309.50 support. The 50% Fib retracement level of the recent wave from the $302.77 low to $316.56 high is acting as a support along with the 25 simple moving average (30-min).


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If there are more losses, the price may perhaps test the $306.50 support area and a bullish trend line. An intermediate support is at $308.00 and the 61.8% Fib retracement level of the recent wave from the $302.77 low to $316.56 high.

A downside break below the trend line could push the price back towards the $302.50 or $300.00 support area. On the upside, the bulls need to push the price above the $316.50 and $318.00 resistance levels.

Once Ethereum price clears the last swing high near $318.30, there are chances of more gains above the $320.00 and $324.00 levels in the near term. If not, the price might continue to consolidate before it either climbs above $320.00 or revisits $300.00.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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