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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.

Ethereum Price

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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.

Ethereum Price Analysis (ETH to USD)

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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.


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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.


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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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