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.
Read: Compare the Best Brokers
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.
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.