Ethereum jumped back above $ 260 and $ 270 against the US Dollar. ETH price is now consolidating above $ 275 and it could soon surpass the $ 288 resistance area.
- Ethereum is back in a positive zone, with a strong bullish bias above $ 275 against the US Dollar.
- The price is likely to accelerate gains towards the $ 300 level in the near term.
- There is a short term contracting triangle forming with resistance near $ 284 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is up around 4% and it is now trading nicely above the $ 10,000 resistance area.
Ethereum Price Could Soon Test $ 300
Since the start of the month, we discussed the chances of Ethereum hitting the $ 300 level against the US Dollar. Recently, ETH price corrected sharply towards the $ 230 support and broke the 100 hourly simple moving average.
However, it remained well bid above $ 230 and started a strong rise. It is back above the $ 260 and $ 270 resistance levels. Moreover, it surpassed the $ 280 resistance and settled above the 100 hourly simple moving average.
It even spiked above $ 285, but failed to revisit the $ 288 resistance area. A swing high is formed near $ 286 and the price is currently consolidating gains. There was a break below the 23.6% Fib retracement level of the recent rise from the $ 259 low to $ 286 high.
More importantly, there is a short term contracting triangle forming with resistance near $ 284 on the hourly chart of ETH/USD. If Ethereum clears the triangle resistance, there are high chances of more gains above the $ 288 resistance area.
In the mentioned case, the price is likely to continue higher towards the $ 295 and $ 300 levels. Any further gains could lead the price towards the $ 308 level.
Dips Remain Attractive
If the price fails to continue above the $ 288 resistance, it may perhaps correct a few points. However, Ethereum is likely to remain well bid above the $ 275 and $ 270 levels.
An intermediate support is near the 50% Fib retracement level of the recent rise from the $ 259 low to $ 286 high. The main support on the downside is near the $ 266 level and the 100 hourly SMA, below which the bulls are likely to struggle in the near term.
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 60 level.
Major Support Level – $ 272
Major Resistance Level – $ 288