ETH/USD Dominant Trend: Bullish
Resistance Levels: $295, $300, $305
Support Levels: $240, $235, $230
Ethereum Price Analysis
In recent days, Ethereum price has steadily increased, exceeding the offer of $250 against the US dollar. The ETH/USD has cleared the supply area of $265 and the 50-day moving average. Recently, the price even eliminated supply levels of $270 and $275. A new monthly high was formed near $278.95 before the price caused a downward correction. There was a strong downward correction below the $275 and $270 levels. Ethereum price even fell below the $265 level, but the 50-day moving average was strong demand. In addition, an important uptrend line is forming with demand close to $269 on the ETH/USD time chart and the pair has rebounded above $270. However, the upward movement was limited by the area at $272 to $274. Ethereum price has already made two attempts to settle $272 and is going down. The initial offer is around $290. If there is a break above $290 and $295, the price could still increase.
On the other hand, the support of the trend line and a 50-day MA close to $260 are crucial obstacles for sellers. As long as the price exceeds $265, it is likely to recover. A strong break above the $275 level could perhaps push the price even higher. Looking at the graph, Ethereum’s price is clearly traded with a positive bias above the $260 and $265 levels. On the positive side, a break above the $272 level could generate earnings above $275 and $280. Once the price exceeds $280, it could reach $290 and $295 in future sessions. The ETH/USD seems to exacerbate the upward pressure on the stochastic RSI, with the next key supply level between $300 and $305. When testing the lower channel, a break down could send the market to the $240, $235 and $230 demands. As it seemed now, bulls are more likely to push Ethereum price higher, as the RSI for ETH/USD is still above 50 levels.