Ethereum price remained well bid above the $300.00 level and recently climbed higher. ETH price is signaling more upsides above $318.50, while bitcoin is already up more than 11%.
- Ethereum price climbed higher above the $308.00 and $312.00 resistance levels.
- ETH/USD cleared a few bullish continuation patterns near $309.00 and $313.00 on the 30-minute chart.
- The price traded as high as $318.52 and it remains well supported for more gains.
Ethereum Price Analysis (ETH to USD)
After yesterday’s rise, Ethereum price settled above the $300.00 pivot level. There was a short term downside correction, but ETH/USD remained well bid and recently climbed above the $308.00 and $312.00 resistance levels, following a strong rise in bitcoin towards $12,750.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the settled above the $300.00 pivot level and traded nicely above the $305.00 support area plus and 25 simple moving average (30-min).
There was a minor dip from the $312.53 high, but the price found support near the $305.00-306.00 area. Later, it started a fresh increase and broke the last swing high near the $312.50 level.
During the rise, the price cleared a few bullish continuation patterns near $309.00 and $313.00 on the same chart. It traded to a new weekly high at $318.52 and recently corrected below the 23.6% Fib retracement level of the recent leg from the $306.06 low to $318.52 high.
On the downside, there are many supports near the $312.50 and $311.50 levels. The 25 simple moving average (30-min) is also positioned near the $311.50 level.
Moreover, the 50% Fib retracement level of the recent leg from the $306.06 low to $318.52 high is likely to act as a strong support near the $312.20 level. Therefore, if there is a downside correction, the price is likely to find buyers near the $312.50 or $311.50 levels.
On the upside, the recent high near $318.50 is an initial resistance. If Ethereum surpasses the $318.50 swing high, it will most likely climb above the $322.00 and $325.00 resistance levels. The next target for ETH/USD could be near the $330.00 level.
The market data is provided by TradingView, Bitfinex.