Bitcoin Rallies 10%, Ethereum (ETH) Price Now Eyes $325
ETH price is slowly moving higher and it recently broke the $310 resistance against the US Dollar.
There are many supports on the downside near the $310 and $305 levels.
There is a rising channel forming with support near $308 on the hourly chart of ETH/USD (data feed via Kraken).
On the upside, the price could soon revisit the $325 resistance level or even $330.
Ethereum price is moving higher with a positive angle versus the US Dollar, whereas bitcoin jumped 10%. ETH price is likely to continue higher and it could even test $325.
Ethereum Price Analysis
In the past few sessions, there was a strong rise in bitcoin price above $12,000 against the US Dollar, but Ethereum climbed slowly. The ETH/USD pair remained stable above the $302 and $300 support. Moreover, there was a positive price action above the $305 level the 100 hourly simple moving average. As a result, the price climbed higher and broke the last swing high at $311.
It traded to a new weekly high above the $316 level. At the moment, the price is trading well above the $310 level. An initial support is near the 23.6% Fib retracement level of the recent wave from the $306 low to $316 high. Moreover, there is a rising channel forming with support near $308 on the hourly chart of ETH/USD. If there is a downside correction, the pair is likely to find bids near $311 or $310.
The 50% Fib retracement level of the recent wave from the $306 low to $316 high is also near the $311 level. If there is a break below the channel support, the price could retest the $305 swing low in the near term. The next main support is near the $300 level, where the bulls are likely to take a stand. On the upside, an initial resistance is near the $316 swing high.
If there is a break above the $316-317 resistance, the price could continue to rise towards the $325 level. If there are further gains, the next stop for buyers may be near the $330 or $332 resistance level.
Looking at the chart, Ethereum price is trading with a strong positive bias and it may soon clear the $316 and $320 resistance. Conversely, if there is a downside correction, buyers are likely to protect the $310 or $305 support area in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone, with a positive bias.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level, with a bullish angle.
Major Support Level – $310
Major Resistance Level – $325
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