Ethereum appreciated in value over the last weekend. The gains on the weekend emanated from the support that had been formed between $270 - $280. Prior to the brief correction, Ethereum spent most of last week seeking balance following the losses that had it tumbling from the yearly highs.
Consolidation under $300 took the center stage last week but the break above both the trendline resistance and the 50 Simple Moving Average (SMA) at $294.43 paved the way for gains spiking above. Unlike the previous break that failed to sustain gains, ETH/USD stepped above $310 before retracing to levels towards $300 support.
For now, the price is exchanging hands at $307 and holding onto shallow intraday gains. The 100 SMA is providing the much-needed support at $302. $300 is the next support target but the buyers must have $290 and $270 - $280 support areas under their radar.
The technical picture for ETH/USD has a bullish bias. The Relative Strength Index (RSI) is moving horizontally at 60 show that the price has the power to stay above $300. The Moving Average Convergence Divergence has recovered into the positive. The indicators divergence is increasing to show that the momentum is in favor of the bulls in the near-term.
ETH/USD 1-h chart
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Ethereum path of least resistance is upwards sideways according to the technical picture.
Ethereum appreciated in […]
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