- The price of ETH began to rise fresh after a sharp downside correction towards $ 225 against the US dollar.
- The price is now gaining strength and it broke the $ 240 and $ 245 resistance levels.
- There is a decisive bullish trend line in place with support near $ 236 on the 4 hour chart of ETH / USD (data entry through Kraken).
- The pair is rising higher and it looks like there could be more profit at $ 275 and $ 285 levels.
The price of Etherium again gains bullish momentum against the US dollar, similar to bitcoin. The ETH is looking more profitable and it looks as if the price can visit the $ 280 high swing.
Price analysis weekly
Last week, the price of Etherium gained strong bullish momentum above the resistance of $ 250 against the US dollar. The ETH / USD pair has risen above $ 260 and $ 270 resistance levels. The upward move was that the price traded for a new 2019 high near $ 281. Later, there was a strong downside correction in both the bitcoin and the Ethereum. The ETH price fell sharply below the support level of $ 260 and $ 250. It traded close to the $ 225 level and remained well above 100 simple moving average (4 hours).
Low Swing was recently established near $ 223 and a new support base has been created. Furthermore, there is a decisive bullish trend line in place with support near $ 236 on the 4 hour chart of ETH / USD. As a result, the pair climbed higher and broke the $ 240 resistance. There was a drop above the 23.6% Fib retracement level of the recent decline from $ 281 high swing to $ 223 low. This opened the doors for more than $ 250 profit level. The price now checks the 50% pip level down from the last drop from $ 281 high and the swing to $ 223 low.
A clear break above $ 255 resistance is likely to set the pace for further gains. The next close resistance is close to $ 258, and above it the price will again test the momentum of $ 281. The next important resistance is near $ 288 and $ 292 levels. On the downside, the main support of bulls are near $ 240 and $ 225.
The diagram above indicates that Ethereum is well positioned above the key supports near $ 240 and $ 225. Therefore, there is a high probability of a strong upward movement that was over $ 255 and $ 260 resistance levels. The next target of the bulls could be $ 300.
4 hours MACD – The MACD for ETH / USD is currently bullish.
4 hours RSI – The RSI for ETH / USD is now above level 50 and can climb towards 80.
Central support level – $ 225
The main resistance level – $ 280