Etherium Price AnalysisPrice Analysis

Ethereum (ETH) Price Analysis: Sideways Trading But Upside Break Likely

Ethereum price is facing an uphill task near the $274.00 and $276.00 resistances. ETH price could trade in a range before it make another attempt to surpass $276.00 and $280.00.

  • Ethereum price is trading in a broad range between the $276.00 and $265.00 levels.
  • There is a connecting bullish trend line forming with support near $270.00 on the 30-minute chart.
  • ETH price could start a strong upward move if it clears the key $276.00 resistance area.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, bitcoin price climbed to a new 2019 high above $9,300, but Ethereum price struggled to break the $274.00 and $276.00 resistance levels. ETH/USD is currently trading in a broad range between the $276.00 and $265.00 levels, with chances of an upside break in the near term.

Ethereum Price Analysis (ETH to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair failed to surpass the $276.00 resistance and declined recently below the $272.00 level plus the 25 simple moving average (30-min).

However, the decline was contained near $270.00 and a swing low was formed at $269.52. The price is currently moving higher above $271.00 and the 23.6% Fib retracement level of the recent drop from the $276.04 high to $269.52 low.

On the upside, an immediate resistance is near the $272.50 level plus the 25 simple moving average (30-min). The 50% Fib retracement level of the recent drop from the $276.04 high to $269.52 low is also near the $272.50 level.

If the price surpasses the $272.50 resistance, it is likely to revisit the main $276.00 resistance level. A successful break above the $276.00 resistance and a follow through above $280.00 is needed for the bulls to gain momentum in the near term.

Above $280.00, the next key resistances are near $292.00, $295.00 and $300.00. On the downside, there is a connecting bullish trend line forming with support near $270.00 on the same chart.

If Ethereum price struggles to stay above the $270.00 support, it could retest the main $265.00 range support zone. Any further losses could start a major downside correction below $262.00 in ETH/USD.

The market data is provided by TradingView, Bitfinex.


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Source: blockonomi.com
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