Key Highlights
- ETH price is moving nicely above the $290 level and it could gain further towards $314 against the US Dollar.
- There is a crucial bullish trend line formed with support at $290 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains supported and it seems like it could continue towards $304 and $314 in the near term.
Ethereum price is slowly moving higher versus the US Dollar and Bitcoin. ETH/USD remains buy on dips towards the $290 and $282 levels.
Ethereum Price Trend
There was a decent support base formed near the $270 zone in ETH price against the US Dollar. The ETH/USD pair started an upward move and traded above the $280 and $290 resistance levels. The upside was cleared after the price broke the 61.8% fib retracement level of the last decline from the $297 high to $270 low. The price gained traction and settled above the $290 level plus the 100 simple moving average (4-hours).
It is currently consolidating near the $300 level. On the downside, there is a crucial bullish trend line formed with support at $290 on the 4-hours chart of ETH/USD. Above the trend line support, the 100 SMA is positioned near the $292 level. Therefore, dips in ETH remains supported near the $292 and $290 levels. On the upside, the price may soon test the 1.236 Fib extension level of the last decline from the $297 high to $270 low at $304.08 level. Above this, the next target for buyers could be the $314 level, which is the 1.618 Fib extension level of the last decline.
The above chart indicates that ETH price is placed nicely in a positive zone above $290. Once it settles above $300, there could be more gains towards the $304 and $314 levels in the near term.
4-hours MACD – The MACD is placed in the bullish zone.
4-hours RSI – The RSI is currently well above the 60 level.
Major Support Level – $290
Major Resistance Level – $314
