Ethereum price remained below the $318.00 resistance area and traded in a range. Bitcoin price climbed above $13,000 recently, but ETH price seems to be struggling below $320.00.
- Ethereum price found support near the $302.50 level and climbed higher recently.
- ETH/USD is facing resistance near $316.50 and a connecting bearish trend line on the 30-minute chart.
- The price might continue to consolidate before it either climbs above $320.00 or revisits $300.00.
Ethereum Price Analysis (ETH to USD)
Yesterday, there was a downside correction in Ethereum price below the $312.00 and $310.00 levels. ETH/USD even traded below the $307.50 support level, but the $302.50 level acted as a decent support. Besides, bitcoin price extended upsides and traded to a new weekly high above $13,100.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $302.77 and climbed back above the $307.50 and $310.00 resistance levels. Moreover, there was a close above $308.00 plus and 25 simple moving average (30-min).
During the rise, the pair broke a declining channel with resistance near the $308.20 level. However, the price struggled near the $316.50 resistance and a connecting bearish trend line on the same chart.
It is currently correcting lower and traded near the $309.50 support. The 50% Fib retracement level of the recent wave from the $302.77 low to $316.56 high is acting as a support along with the 25 simple moving average (30-min).
If there are more losses, the price may perhaps test the $306.50 support area and a bullish trend line. An intermediate support is at $308.00 and the 61.8% Fib retracement level of the recent wave from the $302.77 low to $316.56 high.
A downside break below the trend line could push the price back towards the $302.50 or $300.00 support area. On the upside, the bulls need to push the price above the $316.50 and $318.00 resistance levels.
Once Ethereum price clears the last swing high near $318.30, there are chances of more gains above the $320.00 and $324.00 levels in the near term. If not, the price might continue to consolidate before it either climbs above $320.00 or revisits $300.00.
The market data is provided by TradingView, Bitfinex.