- The price of ETH has begun a new increase after a sharp correction down to the US dollar to 225 dollars.
- The price is currently gaining momentum, and it has overcome resistance levels of 240 and 245 dollars.
- On the 4-hour ETH / USD chart (data feed via Kraken), there is a critical bullish trend line with support around $ 236.
- The pair is growing higher, and it looks like there may be more profit to the levels of 275 and 285 dollars.
The price of Ethereum is again gaining bullish momentum against the US dollar, like Bitcoin. ETH expects an increase in profits, and it seems that the price may return to a maximum of $ 280.
Weekly price analysis of Ethereum
Last week, the price of Ethereum gained a strong bullish momentum above the resistance of $ 250 against the US dollar. The pair ETH / USD has risen above the resistance levels of 260 and 270 dollars. The upward movement was such that the price was trading until a new high of 2019 at about $ 281. Later, there was a strong downward correction in both Bitcoins and Ethereum. The price of ETH has fallen sharply below support levels of $ 260 and $ 250. It was trading close to $ 225 and remained well above the simple moving average of 100 (4 hours).
The swing low was recently formed around $ 223, and a new support base was formed. Moreover, on the 4-hour ETH / USD chart, there is a key bullish trend line with support around $ 236. As a result, the pair rose higher and overcame resistance at $ 240. There was a breakthrough above the Fibonacci retracement level of 23.6 %% of the last drop from a high of $ 281. To a minimum of $ 223. This opened the door to increase profits above $ 250. Now the price is testing the Fibonacci retracement level of 50% from the last drop from a high of $ 281. To a minimum of $ 223.
A clear breakthrough above the resistance level of $ 255 will probably determine the pace for further growth. The next immediate resistance is around $ 258, above which the price is likely to retest a maximum of $ 281. The next important resistance is near $ 288 and $ 292. On the other hand, the main support for bulls is about $ 240 and $ 225.
The above chart shows that Ethereum is above key supports around $ 240 and $ 225. Thus, there are high chances of a strong upward movement above resistance levels of 255 and 260 dollars. The next target for bulls can be $ 300.
4 hours MACD – MACD for ETH / USD is currently gaining momentum in the bull zone.
4 hours RSI – RSI for ETH / USD is now well above the level of 50 and can rise to 80.
Main support level – $ 225
The main resistance level is $ 280