Ethereum price gained bullish momentum and broke the $264.00 and $275.00 resistances. ETH is currently consolidating gains and it is likely to rally above $280.00.

  • Ethereum price surged higher above $264.00 and traded to a new weekly high at $280.50.
  • There is a contracting triangle forming with support near $272.20 on the 30-minute chart.
  • ETH price could correct in the short term, but it is likely to climb further above $280.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

This week, there was a strong rise in bitcoin, Ethereum, ripple, EOS, BCH, TRX and other major altcoins. ETH price gained bullish momentum after it broke the $252.00 and $264.00 resistance levels. The price traded as high as $280.50 and it is currently consolidating gains.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $260.00 and $264.00 resistance levels. Moreover, the price gained strength above $270.00 and the 25 simple moving average (30-min).

However, the $280.00 resistance area once again prevented gains and the price recently corrected lower. It retested the $264.00 support, traded as low as $264.40, and recovered above the $270.00 level.

There was a break above the 50% Fib retracement level of the recent correction from the $280.50 high to $264.40 low. However, the $275.00-276.00 zone is currently acting as a hurdle and preventing further gains.

Besides, there is a contracting triangle forming with support near $272.20 on the same chart. The triangle resistance is near $275.00 and the 61.8% Fib retracement level of the recent correction from the $280.50 high to $264.40 low.

Therefore, a successful close above $276.00 is likely to set the pace for a fresh increase above the $280.00 barrier. The next key resistances are near $288.00, $294.00 and $300.00.

Conversely, if there is a downside break below the triangle support, Ethereum price could test the $268.00 level and a bullish trend line. The main support for ETH/USD is near the $264.00 level, below which the price might start an extended downside correction towards $254.00 in the near term.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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