Ethereum price has gone from $255.15 to $266.17 this Friday. The bulls face resistance at $280 if they want to maintain momentum. Recently, Ethereum price has increased considerably, surpassing the resistance of $250 and $255 against the US dollar. The ETH/USD has even exceeded the $260 level and has been above the 100-day moving average. Finally, the price has been negotiated at the level of $265 and a downward correction has recently begun. There was a formation of high swing at $264 which allow the price to drop below the support of $260. In addition, a key bull trend line is forming with support close to $253 on the ETH/USD time chart. The 100-day MA also serves as support near the $200 zone. The main barrier is close to the support level of $220 and below which the bulls could lose control. In the case mentioned, Ethereum price could perhaps go down to the support level of $180.
On the positive side, the initial resistance is around $270. If there is a break above $270 and $275, the price could still go up. The main resistance is near the levels of $280 and $300, above which the price should prove $320. Looking at the chart, Ethereum price is clearly traded near a couple of important supports, between $220 and $200. As long as the price exceeds $200, it is likely that a new upward movement will begin in future sessions. The ETH/USD bulls must break the large resistance zone seen in the territory at $280 to reach higher heights and the next area of interest would be a new test of the territory at $300. Ethereum won $260 a few hours ago but started withdrawing during today’s Asian trading session. The fall of 1.5% reduced the ETH to around $255, which is still higher than most of last week, with the RSI indicator stochastic recovering from the oversold zone.