Ethereum started a steady increase above the $260 and $265 resistance levels against the US Dollar. ETH price is currently retreating from $278, but it remains well supported.
- Ethereum is still struggling to climb above the $280 and $285 resistance levels against the US Dollar.
- The price traded as high as $278 and it is currently correcting lower.
- There is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is also correcting lower from well above the $9,800 level.
Ethereum Price Remains In Uptrend
In the weekly analysis, we saw a few bullish signs for Ethereum above the $260 level against the US Dollar. As a result, there was a decent increase in ETH price above the $265 ad $270 levels.
Moreover, the price settled above the $270 level and the 100 hourly simple moving average. Finally, the price climbed towards the $280 level and traded as high as $278.
Recently, it started a downside correction below the $275 and $272 levels. There was a break below the 23.6% Fib retracement level of the upward move from the $261 low to $278 high. However, there are many supports on the downside near the $266 and $265 levels.
Besides, there is a crucial ascending channel forming with support near $266 on the hourly chart of ETH/USD. The 50% Fib retracement level of the upward move from the $261 low to $278 high is also near the $267 area.
Ethereum Price
Therefore, Ethereum remains well bid above the $266 and $265 levels. On the upside, the price is still facing a lot of hurdles above and near the $280 level.
The main hurdles is still near the $285 and $288 levels. A clear break above the $288 zone is needed for a push towards the $300 handle in the near term.
Dips Supported
If Ethereum price dives further, it might find support near the $265 level. The 100 hourly simple moving average is also near the $265 level to provide a strong support.
If the price struggle to stay above the 100 hourly simple moving average, there is a risk of more losses towards the $260 support area. Any further losses may perhaps increase bearish pressure and the price could slide towards the $250 support in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently declining and it could soon test the 50 level.
Major Support Level – $265
Major Resistance Level – $280
Author: Aayush Jindal
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