Ethereum (ETH) Price Analysis: Primed For Fresh Increase Above $270
Ethereum price corrected lower, but stayed above the $260.00 support. ETH price is back above $265.00 and it could continue to rise towards the $270.00 and $275.00 resistances.
- Ethereum price is showing positive signs after it held the key $260.00 support area.
- ETH/USD broke a connecting bearish trend line near $264.00 on the 30-minute chart.
- It could continue to grind higher towards the $270.00 and $275.00 resistance levels.
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Ethereum Price Analysis (ETH to USD)
Recently, bitcoin and Ethereum started a downside correction below $9,200 and $270 respectively. ETH even broke the $265.00 range support level and tested the next key support at $260.00.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair declined sharply after it broke the $270.00 support and the 25 simple moving average (30-min). Finally, the $260.00 level acted as a strong support and a swing low was formed at $260.01.
The price is currently recovering and it already climbed back above the key $265.00 level. It tested the 50% Fib retracement level of the recent drop from the $276.09 high to $260.01 low.
Moreover, the price broke a connecting bearish trend line near $264.00 on the same chart. To continue higher, the price must break the $268.00 resistance. The next resistance is near the $270.00 level, which is close to the 61.8% Fib retracement level of the recent drop from the $276.09 high to $260.01 low.
If there is a successful close above $270.00, the price is likely to continue higher towards the $272.00 and $274.00 resistance levels. The main hurdle for the bulls this week is near the $276.00 level.
Conversely, if Ethereum price fails to move above the $270.00 resistance, it could struggle to stay above the key $265.00 support. In the mentioned bearish case, the price is likely to revisit the $260.00 support level.
Overall, ETH price is trading with a positive bias above $265.00 and it is likely to climb above $270.00 again. On the other hand, if the bulls struggle to gain strength, there is a risk of more losses below $265.00 and even $260.00.
The market data is provided by TradingView, Bitfinex.
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