Ethereum price started a nice upward move and broke the key $320.00 resistance area. ETH price looks set for more gains towards our weekly target of $350.00 in the near term.
- Ethereum price started a fresh increase and broke the key $320.00 resistance level.
- ETH/USD is now well above a major bullish trend line with support at $314.00 on the 30-minute chart.
- The price is currently above the $330.00 level and it could rise towards $340.00 and $350.00.
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Ethereum Price Analysis (ETH to USD)
After struggling to clear the $320.00 barrier, there were a few swing moves in Ethereum. However, bitcoin started a fresh increase today, helping ETH in clearing the key $320.00 resistance level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair gained strength above the $320.00 barrier and settled well above the 25 simple moving average (30-min).
The price gained strength above $330.00 and traded to a new 2019 high near the $337.00 level. A swing high is formed near $337.02 and the price is currently consolidating gains.
An immediate support is near the $330.00 level and the 23.6% Fib retracement level of the recent rally from the $304.83 low to $337.02 high. If there are more losses, the price could even trade towards the key $324.00 support.
The main support is near the $320.00 level, which acted as a strong resistance recently. Moreover, the 50% Fib retracement level of the recent rally from the $304.83 low to $337.02 high is near the $321.00 level to provide strong support.
Moreover, the price is now well above a major bullish trend line with support at $314.00 on the same chart. Therefore, dips are likely to be limited and remains supported near $325.00 or $320.00.
On the upside, an initial resistance is near the $340.00 level. If Ethereum clears the $340.00 resistance, it is likely to climb towards our weekly target of $350.00. If ETH bulls remain in action, there are even chances of a spike above the $350.00 level in the near term.
The market data is provided by TradingView, Bitfinex.