- ETH price found support near the $262 level and recently climbed higher against the US Dollar.
- The price is currently testing the $270 resistance and it could continue to rise towards $275.
- There is a connecting bullish trend line forming with support near $268 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to revisit the main $275 resistance level, above which it could climb sharply.
Ethereum price is slowly climbing towards key resistances versus the US Dollar, but struggling vs bitcoin. ETH price might even clear the $275 resistance if the bulls remain in action.
Ethereum Price Analysis
Recently, Ethereum price corrected lower and tested the $262 support area against the US Dollar. The ETH/USD pair formed a swing low just above $261 and started a fresh increase. It traded above the $265 resistance to move into a positive zone. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $275 high to $261 low.
The price is currently trading above the $268 level and the 100 hourly simple moving average. However, it seems to be facing a strong resistance near the $270 level. The 61.8% Fib retracement level of the last slide from the $275 high to $261 low is also near the $270 level. If there is an upside break above the $270 resistance, the price could accelerate higher in the near term.
The next main resistance is near the $275 level. The bulls might struggle to clear the $275-276 zone, but if they succeed, there could be sharp gains. The next stop for them could be $280 and $285.
On the downside, an immediate support is near the $268 level. Moreover, there is a connecting bullish trend line forming with support near $268 on the hourly chart of ETH/USD. If the pair fails to stay above the trend line support, it could decline back towards the $265 support. The next key support is near the $262 area, below which there is a risk of a sharp decline below $260.
Looking at the chart, Ethereum price is clearly moving higher with a positive bias above $265 and $268. However, the price must clear the $270 resistance to revisit the $275 level. In the short term, there could be more range moves below $275 before the price makes the next move either above $275 or below $260.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is climbing sharply above the 55, with a bullish angle.
Major Support Level – $265
Major Resistance Level – $275
