Ethereum Takes a Bit Hit But Uptrend Intact Above This Support

Ethereum jumped to a new 2020 high at $278 before correcting lower against the US Dollar. ETH is now consolidating and it is likely to continue higher above $275.

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Ethereum seems to be struggling to clear the $275 resistance area against the US Dollar.
The price is currently consolidating gains above the $260 support area.
There is a key contracting triangle forming with support near $259 on the hourly chart of ETH/USD (data feed via Kraken).
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Ethereum Price Remains In Uptrend
Recently, there were a couple of swing moves in Ethereum above the $260 pivot area against the US Dollar. ETH surged to a new 2020 high at $278 and recently corrected lower.
It broke the $265 support level, but remained well above the 100 hourly simple moving average. The correction was such that the price spiked below the $260 support area before the bulls emerged near the $255 level.
A swing low was formed near $254 before Ethereum rallied above. The last swing high was $278 before the price corrected again to $262. It is currently consolidating losses above the $260 support area.
Moreover, there is a key contracting triangle forming with support near $259 on the hourly chart of ETH/USD. If there is a downside break below the triangle support, the price could retest the $255 support area.
Ethereum Price
The main uptrend support for Ethereum is near the $248 level and the 100 hourly simple moving average. If the price fails to stay above the $248 support area, there could be a larger downside correction. The next major support is seen near the $230 area.
Fresh Increase?
On the upside, an initial resistance is near the $270 level. It coincides with the 50% Fib retracement level of the recent decline from the $278 high to $262 low.
A convincing break above the $270 area is needed for more gains. An immediate hurdle could be the 61.8% Fib retracement level of the recent decline from the $278 high to $262 low.
However, Ethereum must gain momentum above the $275 resistance area to start a strong wave towards the $300 resistance area in the near term. If not, it could correct further towards the $248 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is back above the 50 level, with positive signs.
Major Support Level – $260
Major Resistance Level – $275

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