Ethereum (ETH) Price Primed For More Gains, Bitcoin Up 6%
ETH price made a few attempts to settle above the $300 resistance area against the US Dollar.
It is currently consolidating near $300 and it might rise above $305 and $306 in the near term.
There is a new connecting bullish trend line forming with support near $297 on the hourly chart of ETH/USD (data feed via Kraken).
If there is a downside break below $295, the price could revisit the $285 support area.
Ethereum price is showing positive signs above $295 versus the US Dollar, but struggling vs bitcoin. ETH price might accelerate gains once it settles above the $300 and $305 levels.
Ethereum Price Analysis
There were extended gains in bitcoin above the $11,500 level, but Ethereum struggled against the US Dollar. Earlier, the ETH/USD pair made a few attempts to settle above the $300 resistance area. Finally, there was an upside break, but there was no momentum above the $300 level. The price traded to a new intraday high near $304 and settled above the 100 hourly simple moving average.
It is currently correcting gains and is trading near the $300 level. The 23.6% Fib retracement level of the recent wave from the $290 swing low to $304 high is also near the $300 level. If there are more downsides, the price might test the $296-297 support area. Moreover, there is a new connecting bullish trend line forming with support near $297 on the hourly chart of ETH/USD.
Below the trend line, the next key support is near the $295 level. The 50% Fib retracement level of the recent wave from the $290 swing low to $304 high is also near the $295 level. Finally, the 100 hourly SMA is likely to act as a strong support near $295. As long as there is no close below $295 and the 100 hourly SMA, there are chances of more upsides in the near term.
On the upside, an immediate resistance is near the $304-305 zone. If there is an upside break above $305, the price could test the $310 resistance area. Any further gains could lead the price towards the key $325 resistance area.
Looking at the chart, Ethereum price is clearly showing a few positive signs above the $295 support area. If bitcoin price continues to rise and breaks the $12,000 resistance, there could be more gains in ETH/USD above the $305 and $310 resistance levels.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently showing positive signs in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, but it is correcting lower.
Major Support Level – $295
Major Resistance Level – $305
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