- ETH price started a fresh increase after a sharp downside correction towards $225 against the US Dollar.
- The price is currently gaining traction and it broke the $240 and $245 resistance levels.
- There is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is surging higher and it seems like there could be more gains towards the $275 and $285 levels.
Ethereum Price Weekly Analysis
This past week, Ethereum price gained a strong bullish momentum above the $250 resistance against the US Dollar. The ETH/USD pair rallied above the $260 and $270 resistance levels. The upward move was such that the price traded to a new 2019 high near $281. Later, there was a strong downside correction in both bitcoin and Ethereum. ETH price declined sharply below the $260 and $250 support levels. It traded close to the $225 level and stayed well above the 100 simple moving average (4-hours).
A swing low was formed recently near $223 and a new support base was formed. Moreover, there is a crucial bullish trend line in place with support near $236 on the 4-hours chart of ETH/USD. As a result, the pair climbed higher and broke the $240 resistance. There was a break above the 23.6%% Fib retracement level of the last decline from the $281 swing high to $223 low. It opened the doors for more gains above the $250 level. The price is now testing the 50% Fib retracement level of the last decline from the $281 swing high to $223 low.
A clear break above the $255 resistance is likely to set the pace for more gains. The next immediate resistance is near $258, above which the price will most likely retest the $281 swing high. The next important resistance is near the $288 and $292 levels. On the downside, the main support for the bulls are near $240 and $225.
The above chart indicates that Ethereum is placed nicely above the key supports near $240 and $225. Therefore, there are high chances of a strong upward move was above the $255 and $260 resistance levels. The next target for the bulls could be $300.
4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 50 level and it could climb towards 80.
Major Support Level – $225
Major Resistance Level – $280
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