ETHUSD Dominant Trend: Bullish
Supply Levels: $330, $340, $350
Demand Levels: $280, $270, $260
Ethereum Price Analysis
Ethereum price has increased considerably above $300 but has struggled to overcome the resistance of $315 to $320 against the US dollar. The corrected price fell below the $300 level and found support near the $295 level. There was a break below an important uptrend line with support close to $305 on the ETH/USD hourly chart. The pair is currently correcting higher, but it is likely that more ranges will move below $320. Last week, Bitcoin and Ethereum posted solid gains of more than $300 and $10,000 respectively against the US dollar. The Ethereum price gained ground above the $305 and $310 levels. There was even a close above the $300 level and the 55-day moving average. Ethereum price has been negotiated close to the $315 level and there was a high swing workout close to $315. It seems that the price has struggled to near or stay above the $315-320 resistance zone. As a result, there was a downward correction below the $310 level.
However, there was a break in an important bull trend line with support close to $305 on the ETH/USD hourly chart. On June 24, 2019, Ethereum price was less than $300. However, the 55-day moving average was very close to the $290 level. Looking at the chart, a minor change was formed at $290 and the price is currently rising. On the upside, there are few obstacles for the bulls near $310 and $312. In addition, the main resistance is near the level of $320 and the ETH must exceed the level of $320 to start a new climb. The following key resistances are close to $330, $340 and $350, above which Ethereum price could accelerate. The price of the Ethereum faces a lot of resistance below $310. As a result of this, there is a possibility that the range moves before the next move (probably above $310 and $315). On the downside, the main support is close to the $280 level, followed by $270 and $260 when the stochastic RSI recovers from the oversold zone.
