Analysis

Ethereum Soars To $310: Technicals Suggest Uptrend Isn’t Over Yet

Ethereum followed a strong uptrend above $ 250 and $ 270 against the US Dollar. ETH price surged above the $ 300 level and it is currently consolidating gains.

  • ETH price gained more than 20% in the past few days and it surpassed $ 300 against the US Dollar.
  • A new monthly high is formed near the $ 310 level and the price is currently correcting lower.
  • There is a major bullish trend line forming with support near $ 295 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above $ 310 as long as it is above the $ 285 pivot level.

Ethereum Price is Surging

This past week, Ethereum started a significant upward move above the $ 250 resistance against the US Dollar. ETH price even broke the $ 275 resistance and the 100 simple moving average (4-hours).

The upward move was strong and ether surged above the $ 280 and $ 300 levels (as discussed in the last technical analysis). The price traded to a new monthly high near the $ 310 level and it is currently correcting lower.

There was a break below the $ 305 level, plus the 23.6% Fib retracement level of the recent surge from the $ 281 swing low to $ 310 high. On the downside, there is a strong support forming near the $ 300 and $ 295 levels.

Ethereum

Ethereum price trades above $ 300. Source: TradingView.com

There is also a major bullish trend line forming with support near $ 295 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent surge from the $ 281 swing low to $ 310 high.

On the upside, the price is facing minor hurdles near $ 310. The first major resistance is near the $ 320 level, above which ether price is likely to aim a larger rally towards the $ 350 level in the coming days.

Downside Correction in Ether (ETH)?

If Ethereum fails to continue higher above the $ 310 and $ 320 resistance levels, there are chances of a downside correction below the trend line support.

The next major support is near the $ 285 level (the recent breakout zone), below which the bears are likely to target an extended correction towards the $ 265 support level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently in the overbought zone.

Major Support Level – $ 295

Major Resistance Level – $ 310

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