Ethereum price remains in a strong uptrend above the $262.00 pivot level. ETH price is likely to continue higher, similar to bitcoin and it could even break the $285.00 resistance.
- Ethereum price is showing a lot of bullish signs, with hurdles near $274.00, $280.00 and $285.00.
- There is a short term breakout pattern forming with support near $266.40 on the 30-minute chart.
- ETH price could climb higher sharply if there is a break above $274.00 and $276.00.
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Ethereum Price Analysis (ETH to USD)
In the past few sessions, bitcoin price rallied significantly above the $9,000 level. It helped altcoins such as Ethereum, ripple, bitcoin cash and a few others. ETH price settled above the $262.00 pivot level and it recently traded towards the $280.00 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair gained momentum after it settled above the $262.00 level plus the 25 simple moving average (30-min). There was a clear break above the $270.00 level and the price traded close to the $280.00 level.
A swing high was formed at $279.48 and the price recently corrected lower. However, losses were protected by the $264.00-265.00 support zone. The last swing low was formed at $264.17 and the price tested the $273.59 level.
At the outset, the price is trading in a tiny range above the 50% Fib retracement level of the recent wave from the $264.17 low to $273.59 high.
Moreover, there is a short term breakout pattern forming with support near $266.40 on the same chart. The trend line support coincides with the 61.8% Fib retracement level of the recent wave from the $264.17 low to $273.59 high.
If there is a downside break, the price is likely to find a strong support near the $262.00 pivot level. Conversely, if there is an upside break above the $274.00-275.00 resistance zone, the price could accelerate higher.
An immediate resistance for Ethereum price above $275.00 is near $280.00, above which ETH is likely to accelerate towards $285.00 or even $288.00. The main resistances are near $292.00 and $295.00.
The market data is provided by TradingView, Bitfinex.
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