- ETH price remained well bid above the key $300 support area against the US Dollar.
- The price is currently moving higher and is placed nicely above the $310 pivot level.
- There is an ascending channel forming with support near $309 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also gaining momentum and it could trade further above $11,500.
Ethereum price is slowly gaining traction above $310 versus the US Dollar, whereas consolidating vs bitcoin. ETH price is likely to break the $320 and $325 resistance levels in the near term.
Ethereum Price Analysis
Yesterday, we saw a short term downside correction below $310 in Ethereum price against the US Dollar. The ETH/USD pair remained well bid above the $300 level. There was a lot of buying interest near $298 level and the 100 hourly simple moving average. As a result, the price started a fresh increase and climbed above the $300 and $305 levels. There was a break above the 50% Fib retracement level of the last decline from the $318 high to $296 swing low.
The upward move was positive as the price settled above the $310 level. It is now trading nicely above the 61.8% Fib retracement level of the last decline from the $318 high to $296 swing low. An immediate resistance is near the $313 level. It coincides with the 76.4% Fib retracement level of the last decline from the $318 high to $296 swing low.
Moreover, the main resistance on the upside is near the $316 level. If Ethereum price climbs above the $316 resistance, it is likely to gain bullish momentum. Therefore, the price could even climb above the $320 and $325 levels in the near term.
On the downside, there are many supports near the $305 level. Additionally, there is an ascending channel forming with support near $309 on the hourly chart of ETH/USD. If there is a downside break below $309, the price could test the $305 support. The main support now is near the $300 level and the 100 hourly SMA.
Looking at the chart, Ethereum price is clearly regaining bullish momentum above $310. Having said that, the bulls need to gather pace above the $316 and $320 levels. If they succeed, there are high chances of more gains above the $325 level. The next stop for the bulls in the mentioned case could be near the $340 level or even $345.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.
Major Support Level – $305
Major Resistance Level – $320
