Ethereum price cleared important resistances against the US Dollar and now for near term upward continuation ETH/USD should trade above $270.
Ethereum Price Set to Gain
Following Bitcoin’s recovering rally, Ethereum price has climbed through important resistance levels that acted previously like supports $270 against the US Dollar. The pair did target the $300 mark but after testing it, the price made it only to $298.71. Even that the upward was that high, the complete test of the $300.60 which represtented the 1.236 Fib extension of the previous descending flow ($281.50 to $199.880) so concluding with a correction now just above the $280 mark with negative 0.38 percent loss in the last
A triangle pattern is forming on the hourly chart of ETH/USD with support at $278. Close to the 50% Fib retrancement mark of the last gaining flow from $238.56 to $298.71 is the most important support $270 located. If the price continues trading above the specific support, in the near term we could se more gain and probably a break above the $298 major resistance.
So if it stays where it is trading above the $270 – bullish gaining trend with $300 as a break target, on the other hand if it closes lower than $270 a bearish pressuring trend could come.
- Hourly MACD – The MACD is slowly decreasing the bullish slope.
- Hourly RSI – The RSI is heading lower towards the 50 level.
- Support Level – $270
- Resistance Level – $298