ETH/USD Dominant Trend: Bullish
Resistance Levels: $290, $300, $310
Support Levels: $230, $220, $210
Ethereum Price Analysis
Ethereum price has recovered recently and has exceeded resistance levels of $260 and $265 against the US dollar. Ethereum price is currently trading near the key resistance of $290, on which it could still rise. An important bull trend line is formed with support at $230 on the 4-Hour ETH/USD chart. The pair is likely to break the $290 resistance and could even test the $300 resistance zone. Ethereum’s price is gaining momentum against the US dollar, such as Bitcoin. ETH is expected to accelerate in the short term to reach resistance levels of $290, $300 and $310. Last week, the price of Ethereum began to rise steadily against the support area of $230 against the US dollar. The ETH/USD broke many resistances, including $245 and $250. There was also a fence above the resistance of $250 and the 55-day exponential moving average (4-hours). In addition, the price exceeded the $260 resistance and recently tested the key resistance zone of $270.
Moreover, an important uptrend line is being formed with support at $265 on the 4-hour ETH/USD chart. If there is a break below the trend line, the price could even break the support zone to $230, $220 and $210 respectively. The main support to the downside is close to the level of $230. On the positive side, the $290 level is a crucial resistance. If there is a break above $290, Ethereum price could rise above the resistance level of $300. The above chart indicates that Ethereum’s price is clearly trading in a strong bullish trend above $265 and $270. As long as the price exceeds $270, there is the possibility of additional benefits occurring in the short term. The next key resistance above $290 is at the $300 level. If the price keeps rising, it could even break the $310 of the next sessions. The MACD for ETH/USD is slowly progressing in the uptrend zone.
