Ethereum Price Analysis: ETH Targets Additional Gains
Ethereum price is showing a lot of positive signs above the $275.20 support vs the US Dollar. ETH to USD is likely to continue higher towards the $287.00 and $300.00 resistances in the near term.
Key Takeaways: ETH/USD
- Ethereum price is up more than 10% this week and broke the key $275.20 resistance against the US Dollar.
- ETH/USD is trading nicely above $270.00 and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is back above $10,020 and it could soon surpass the $10,220 resistance area.
Ethereum Price Analysis
After a strong downside correction, Ethereum price found support near the $243.50 level. As a result, ETH to USD started another upward move above the $250.00 and $262.00 resistance levels.
Looking at the 2-hours chart, Ethereum price settled well above the $270.00 area and the 50 simple moving average (2-hours, purple). Moreover, the bulls were able to push the price above the $275.20 resistance area.
It traded towards the last swing high and formed a new weekly high at $287.10. The price is currently consolidating gains above the $275.20 support area (the previous resistance).
Besides, the 23.6% Fib retracement level of the recent rise from $236.37 to $287.10 is also near the $275.20 level. If there are more losses, Ethereum price might dip towards the $264.00 area.
More importantly, ETH is trading nicely above $270.00 and a connecting bullish trend line on the 2-hours chart. The 50 simple moving average (2-hours, purple) is also near the $268.00 level to act as a strong support.
The next major support is near the $261.00 level. It coincides with the 50% Fib retracement level of the recent rise from $236.37 to $287.10. Therefore, the price remains well supported above $275.20 and $268.00.
On the upside, an initial hurdle is near the $287.00 area. A clear break above the $287.00 and $288.00 levels might open the doors for a larger upward move in the coming sessions. In the mentioned case, Ethereum bulls are likely to aim a test of the $300.00 handle.