Ethereum price recently broke the main $272.00 and $275.00 resistances. ETH is gaining momentum and it seems like the price could test the $300.00 or $320.00 barrier in the coming sessions.
- Ethereum price surged higher and broke the main $275.00 resistance area.
- There was a break above a major bearish trend line at $274.00 on the 30-minute chart.
- ETH price is gaining pace and it is likely to accelerate above $290.00 and $295.00.
Ethereum Price Analysis (ETH to USD)
Recently, there was a strong upward move in Ethereum, BCH, BSV and a few other major altcoins. ETH price cleared a few important barriers near $275.00 to start a significant upward move above $280.00.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair dipped recently below the $270.00 level. However, downsides were limited and the price climbed back above the $272.00 resistance plus the 25 simple moving average (30-min).
The recent upward move was strong, considering there was a follow through above the $274.00 and $276.00 resistance levels. Moreover, there was a break above a major bearish trend line at $274.00 on the same chart.
The price traded above $280.00 and formed a new monthly high at $288.51. At the moment, the price is trading with a positive tone above $280.00. An initial support is near the $282.00 level and the 23.6% Fib retracement level of the recent rally from the $267.70 low to $288.51 high.
If there is a downside correction, the price might find support near the $280.00 or $278.00 level. The 50% Fib retracement level of the recent rally from the $267.70 low to $288.51 high is also near the $278.00 level.
However, the main support is near $275.00 (the recent breakout zone). Therefore, if there is a downside correction, Ethereum price is likely to find support near $280.00 or $275.00.
The overall technical structure is very positive, signaling a strong upward move in ETH above the $285.00 and $290.00 levels. The main target for the bulls could be $300.00 or even $320.00 in the coming sessions.
The market data is provided by TradingView, Bitfinex.