Ethereum price traded to a multi-month high near $322.00 before correcting lower. ETH price found support near $292.00 and it is now trading with a positive bias above $300.00.
- Ethereum price is currently consolidating gains above the key $300.00 support area.
- ETH/USD traded below two connecting bullish trend lines with support at $312.00 on the 30-minute chart.
- The price is currently trading with a positive bias and it could continue higher towards $320.00.
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Ethereum Price Analysis (ETH to USD)
This past, bitcoin and Ethereum rallied significantly and traded to new 2019 highs. ETH price even broke the $300.00 level and even spiked above the $320.00 level. A new 2019 high was formed at $322.37 before the price started a downside correction.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair declined sharply after it broke the $315.00 support and the 25 simple moving average (30-min). Sellers even pushed the price below the $300.00 handle.
During the decline, the pair traded below two connecting bullish trend lines with support at $312.00 on the same chart. It traded as low as $292.34 and it is currently recovering nicely.
It traded above the $300.00 pivot level and the 23.6% Fib retracement level of the recent drop from the $322.37 high to $292.34 low. It is now approaching the $310.00 resistance and the 25 simple moving average (30-min).
If the price settles above $310.00, the 25 simple moving average (30-min), and the 50% Fib retracement level of the recent drop from the $322.37 high to $292.34 low, then there could be more gains.
The next resistance is near the $320.00 level, above which the bulls might aim a new 2019 high in the coming sessions.
On the downside, there are many supports near the $302.00 and $300.00 levels. If there is a daily close below the $300.00 handle, Ethereum price might extend its recent downside correction. The next key support is near $290.00 and $290.00, below which ETH to USD could start a bearish wave to test the $270.00 support area.
The market data is provided by TradingView, Bitfinex.
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