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 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.
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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.
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