Thursday , March 28 2024
Home / Altcoins / Ethereum Price Analysis: ETH Bulls Eyeing Crucial Break Above $300

Ethereum Price Analysis: ETH Bulls Eyeing Crucial Break Above $300

Summary:
Ethereum price corrected lower below 0 and 0 against the US Dollar.ETH price found support near the 6 level and it recently bounced back above 5.There is a major bullish trend line forming with support near 8 on the 4-hours chart (data feed from Coinbase).The price is likely to continue higher if it clears the 4 resistance area.Ethereum price is showing many bullish signs above 0 against the US Dollar. ETH/USD might aim a key upside break above the 0 resistance in the near term.Ethereum Price AnalysisThis past week, Ethereum price extended its rally above the 0 and 0 resistance levels against the US Dollar. Moreover, ETH price climbed above the 5 resistance and settled above the 55 simple moving average (4-hours).Finally, the price surpassed the 0 area

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Wayne Jones writes US Lawmakers Urge SEC to Confront Prometheum’s Custody Plans for ETH

Chimamanda U. Martha writes US Court Rules Coinbase Must Face SEC’s Lawsuit

staff writer writes Aerodrome Propels Coinbase’s Base Layer 2 Network to Billion TVL Milestone

Bena Ilyas writes Bitcoin ETF Success in US Sparks Debate among Japan’s Crypto Exchanges

  • Ethereum price corrected lower below $260 and $250 against the US Dollar.
  • ETH price found support near the $236 level and it recently bounced back above $265.
  • There is a major bullish trend line forming with support near $248 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to continue higher if it clears the $274 resistance area.

Ethereum price is showing many bullish signs above $250 against the US Dollar. ETH/USD might aim a key upside break above the $300 resistance in the near term.

Ethereum Price Analysis

This past week, Ethereum price extended its rally above the $240 and $250 resistance levels against the US Dollar. Moreover, ETH price climbed above the $275 resistance and settled above the 55 simple moving average (4-hours).

Finally, the price surpassed the $280 area and traded to a new 2020 high at $290. Later, there was a downside correction below the $275 and $260 levels. Besides, the price spiked below the $250 support and the 55 simple moving average (4-hours).

However, it remained well bid above the $235 level and recently started a decent upward move. It broke the $260 level and settled again above the 55 SMA. Additionally, there was a break above the 50% Fib retracement level of the downward move from the $290 high to $236 low.

It is now approaching the key $274 resistance area. Besides, it is testing the 61.8% Fib retracement level of the downward move from the $290 high to $236 low.

A clear break above the $274 and $275 resistance levels could push Ethereum price towards the $290 level. The main aim for the bulls might be a crucial break above the $300 barrier in the near term.

On the downside, an initial support is near the $260 level. The first key support is near $254 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $248 on the 4-hours chart.

If there is a downside break below the trend line support, there could be a nasty decline below the $240 and $236 support levels. The next key support is near the $210 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly gaining momentum above the $260 level. Therefore, there are high chances of more gains above the $274 and $280 levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.

Key Support Levels – $254, followed by the $240 zone.

Key Resistance Levels – $274 and $290.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *