Ethereum Price Analysis ETH / USD: Slow Advance

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Technical indicators on the four-hour time frame are now starting to issue buy signals.

ETH H4 Chart August 5 by TradingView
ETH / USD H4 Chart by TradingView

Pattern Watch

Traders should note that the $260.00 and $280.00 levels are the likely upside targets of the bullish triangle pattern breakout.

Relative Strength Index

The RSI indicator on the four-hour time frame is bullish, although it has now reached overbought territory.

MACD Indicator

The MACD indicator on the four-hour time frame is bullish and is now starting to issue a buy signal.

Ethereum / USD Medium-term price analysis

Ethereum has a bullish medium-term trading outlook, with the ETH / USD pair now starting to rally away from its trend defining 200-day moving average.

The daily time frame is showing that bulls are probing the neckline of a bearish head and shoulders pattern, which is located around the $230.00 resistance level.

Critical technical resistance on the daily time frame is located at the $275.00 and $300.00 levels.

Technical indicators on the daily time frame are now starting to move away from oversold conditions.

ETH Daily Chart August 5 by TradingView
ETH / USD Daily Chart by TradingView

Pattern Watch

Traders should note that a strong recovery above neckline resistance may help to complete the bearish head and shoulders pattern.

Relative Strength Index

The RSI indicator on the daily time frame is rising, although it remains technically bearish.

MACD Indicator

The MACD indicator on the daily time frame has turned bullish and continues to issue a strong buy signal.

Conclusion

Ethereum is gathering bullish momentum, following the recent bullish breakout from a neutral triangle pattern on the four-hour time frame.

Both time frames suggest that if the ETH / USD pair clears the $230.00 resistance level, the bullish move could easily extend towards the $280.00 to $300.00 area.

Check out our introductory guide to Ethereum.