ETH price started a decent recovery and broke the key $300 resistance area against the US Dollar.
The price was able to settle above the $300 level and it recently tested the $310 resistance.
There is a major bullish trend line forming with support near $292 on the hourly chart of ETH/USD (data feed via Kraken).
If there is a downside correction, the price is likely to find support near $300 or $298.
Ethereum price is showing a lot of positive signs versus the US Dollar and bitcoin. ETH price is currently trading nicely above $300 and it could continue higher.
Ethereum Price Analysis
In the past few sessions, there was a slow and steady rise in Ethereum from the $286 swing low against the US Dollar. The ETH/USD pair formed a decent support base above the $285 level and recently traded above the $290 and $295 resistance levels. Moreover, there was a close above the $300 level and the 100 hourly simple moving average. It opened the doors for more gains above the $305 level.
A new weekly high was formed near $311 and the price is currently correcting lower. It broke the $305 level and the 23.6% Fib retracement level of the recent wave from the $290 low to $311 high. However, the recent decline seems limited, with supports near $302 and $300. At the outset, the $302 level is acting as a solid support. Moreover, the 50% Fib retracement level of the recent wave from the $290 low to $311 high is near the $300 level to act as a strong support.
More importantly, there is a major bullish trend line forming with support near $292 on the hourly chart of ETH/USD. The pair remains well supported on the downside near the $300, $295 and $292 levels. The 61.8% Fib retracement level of the recent wave from the $290 low to $311 high is also near $298. Therefore, dips remain well supported on the downside in the near term.
On the upside, if there is a break above the $308-310 resistance, the price could accelerate higher. The next major hurdle for the bulls is near the $308 level, above which the price could accelerate towards the $325 level.
Looking at the chart, Ethereum price is showing a lot of positive signs above $300 and it even outpaced bitcoin in the recent upward move. Once the current correction is complete, the price could rise above $310.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently reducing its bullish slope, with a few bearish signs.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from the 80 level.
Major Support Level – $300
Major Resistance Level – $310
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