Ethereum Price Analysis: ETH Bulls Eyeing Crucial Break Above $300
- Ethereum price corrected lower below $260 and $250 against the US Dollar.
- ETH price found support near the $236 level and it recently bounced back above $265.
- There is a major bullish trend line forming with support near $248 on the 4-hours chart (data feed from Coinbase).
- The price is likely to continue higher if it clears the $274 resistance area.
Ethereum price is showing many bullish signs above $250 against the US Dollar. ETH/USD might aim a key upside break above the $300 resistance in the near term.
Ethereum Price Analysis
This past week, Ethereum price extended its rally above the $240 and $250 resistance levels against the US Dollar. Moreover, ETH price climbed above the $275 resistance and settled above the 55 simple moving average (4-hours).
Finally, the price surpassed the $280 area and traded to a new 2020 high at $290. Later, there was a downside correction below the $275 and $260 levels. Besides, the price spiked below the $250 support and the 55 simple moving average (4-hours).
However, it remained well bid above the $235 level and recently started a decent upward move. It broke the $260 level and settled again above the 55 SMA. Additionally, there was a break above the 50% Fib retracement level of the downward move from the $290 high to $236 low.
It is now approaching the key $274 resistance area. Besides, it is testing the 61.8% Fib retracement level of the downward move from the $290 high to $236 low.
A clear break above the $274 and $275 resistance levels could push Ethereum price towards the $290 level. The main aim for the bulls might be a crucial break above the $300 barrier in the near term.
On the downside, an initial support is near the $260 level. The first key support is near $254 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $248 on the 4-hours chart.
If there is a downside break below the trend line support, there could be a nasty decline below the $240 and $236 support levels. The next key support is near the $210 level.
Looking at the chart, Ethereum price is clearly gaining momentum above the $260 level. Therefore, there are high chances of more gains above the $274 and $280 levels.
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.
Key Support Levels – $254, followed by the $240 zone.
Key Resistance Levels – $274 and $290.
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