Ethereum (ETH) Price Prediction: Primed To Surpass $325

  • ETH price remained well bid above the key $ 300 support area against the US Dollar.
  • The price is currently moving higher and is placed nicely above the $ 310 pivot level.
  • There is an ascending channel forming with support near $ 309 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also gaining momentum and it could trade further above $ 11,500.

Ethereum price is slowly gaining traction above $ 310 versus the US Dollar, whereas consolidating vs bitcoin. ETH price is likely to break the $ 320 and $ 325 resistance levels in the near term.

Ethereum Price Analysis

Yesterday, we saw a short term downside correction below $ 310 in Ethereum price against the US Dollar. The ETH/USD pair remained well bid above the $ 300 level. There was a lot of buying interest near $ 298 level and the 100 hourly simple moving average. As a result, the price started a fresh increase and climbed above the $ 300 and $ 305 levels. There was a break above the 50% Fib retracement level of the last decline from the $ 318 high to $ 296 swing low.

The upward move was positive as the price settled above the $ 310 level. It is now trading nicely above the 61.8% Fib retracement level of the last decline from the $ 318 high to $ 296 swing low. An immediate resistance is near the $ 313 level. It coincides with the 76.4% Fib retracement level of the last decline from the $ 318 high to $ 296 swing low.

Moreover, the main resistance on the upside is near the $ 316 level. If Ethereum price climbs above the $ 316 resistance, it is likely to gain bullish momentum. Therefore, the price could even climb above the $ 320 and $ 325 levels in the near term.

On the downside, there are many supports near the $ 305 level. Additionally, there is an ascending channel forming with support near $ 309 on the hourly chart of ETH/USD. If there is a downside break below $ 309, the price could test the $ 305 support. The main support now is near the $ 300 level and the 100 hourly SMA.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly regaining bullish momentum above $ 310. Having said that, the bulls need to gather pace above the $ 316 and $ 320 levels. If they succeed, there are high chances of more gains above the $ 325 level. The next stop for the bulls in the mentioned case could be near the $ 340 level or even $ 345.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level, with a bullish angle.

Major Support Level – $ 305

Major Resistance Level – $ 320

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