EagleFX

Ethereum price stayed above the $285.00 support level and recently climbed above the $298.00 resistance. ETH price is currently trading with a positive bias and it could continue to rise along with bitcoin.

  • Ethereum price settled above the $298.00 and $300.00 resistance levels, with a positive angle.
  • ETH/USD cleared a major contracting triangle with resistance near $296.00 on the 30-minute chart.
  • The price is currently correcting gains, but it remains well supported near $300.00 and $298.00.

Ethereum Price

Ethereum Price Analysis (ETH to USD)

After a steady decline, Ethereum price formed a solid support base above the $285.00 level. Finally, ETH/USD started a fresh increase and broke a few important resistances near $290.00, $295.00, $298.00 and $300.00. Besides, bitcoin price settled above $11,200, with a positive angle.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $295.00 pivot level and 25 simple moving average (30-min) to move into a positive zone. Moreover, the price cleared a major contracting triangle with resistance near $296.00.

Finally, there was a successful close above the $300.00 resistance and the price spiked towards the $310.00-312.00 resistance area. An intraday high was formed at $311.00 and the price is currently correcting lower.

It broke the $306.00 support plus the 23.6% Fib retracement level of the recent wave from the $284.43 low to $311.00 high. However, the $305.00 level and the 25 simple moving average (30-min) are currently holding losses.

If there are more losses, the price might find support near the $300.00 handle. However, the main support for the bulls is near the $298.00 area (the previous resistance).

Moreover, the 50% Fib retracement level of the recent wave from the $284.43 low to $311.00 high is also near the $297.65 level to act as a support.

On the upside, the recent high near $311.00 is an initial resistance. If there is an upside break above $311.00, the price could start a strong rise towards the $320.00 and $325.00 levels.

Overall, Ethereum price is currently trading with a positive bias above $305.00 and $300.00 support levels. As long as ETH/USD is above $298.00, it is likely to climb further higher.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on DemandSolutionNews.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply . //