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.
Read: What is Ethereum?
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).
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.