EagleFX

Ethereum price spiked below the $275.00 support and recently recovered above $290.00. Bitcoin price is surging above $11,000, which could boost ETH and push its price above $300.00 and $305.00.

  • Ethereum price is showing a few positive signs above the $290.00 pivot level.
  • ETH/USD cleared a major declining channel with resistance near $291.00 on the 30-minute chart.
  • The price is likely to continue higher once it clears the $300.00 and $308.80 resistance levels.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

In the past two sessions, there was a sharp upward move in bitcoin above $10,500 and $11,000. It helped Ethereum in staging a decent comeback above the $285.00 and $290.00 resistance levels.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair spiked below the $275.00 support and formed a new swing low at $272.65 before starting a fresh increase. There was a slow and steady rise above the $285.00 and $290.00 resistance levels.

Moreover, the price cleared a major declining channel with resistance near $291.00 on the same chart. Finally, there was a close above the $295.00 level and the 25 simple moving average (30-min).


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The price tested the key $300.00 resistance level and is currently consolidating above the 23.6% Fib retracement level of the recent wave from the $274.37 low to $299.24 high.

There is a decent support forming near the $293.00 level and 25 simple moving average (30-min). If there is a downside break, the price could test $286.50 or the 50% Fib retracement level of the recent wave from the $274.37 low to $299.24 high.

On the upside, a clear break above the $300.00 resistance might push the price towards the next resistance near $308.50. If the bulls remain in action, Ethereum price could even trade above the $310.00 and $315.00 levels in the coming days.

Overall, the current price action is positive, suggesting more upsides above $300.00 in Ethereum. However, if ETH/USD fails to settle above $300.00, it could start a fresh decline. The main supports on the downside are near $285.00 and $275.00.

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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