Ethereum price tested the $285.00-290.00 support area on a few occasions. ETH price is slowly moving higher and it could continue to rise above $305.00 and $310.00.
- Ethereum price is trading nicely above the key $285.00 and $290.00 support levels.
- ETH/USD surpassed a key bearish trend line with resistance near $298.00 on the 30-minute chart.
- The price might continue to rise as long as there is no downside break below $285.00.
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Ethereum Price Analysis (ETH to USD)
In the past two days, there were bearish moves in bitcoin and Ethereum. ETH price failed to climb above the $325.00 level and recently declined below the $300.00 handle. However, the key $285.00 and $290.00 support levels remained intact.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded as low as $286.85 and recently started a fresh recovery. It broke the $292.00 resistance and the 25 simple moving average (30-min).
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $325.12 high to $286.85 low. The price even surpassed a key bearish trend line with resistance near $298.00 on the same chart.
It is now trading near the $300.00 resistance level and it seems to be struggling to gain momentum. On the upside, an immediate resistance is near the $305.00-306.00 area.
The 50% Fib retracement level of the downward move from the $325.12 high to $286.85 low is also near the $306.00 level to act as a resistance. However, the main resistance is near the $308.00-310.00 area.
If there is a successful break above the $310.00 level, the price could continue higher towards the $325.00 swing high. Conversely, if Ethereum price struggled to break the $305.00 or $308.00 resistance, there could be another drop.
An initial support is near the $290.00 level, below which Ethereum could retest the $285.00 support. More importantly, if ETH fails to stay above the $285.00 support, there is a risk of more downsides in the near term. The next major support is near the $272.00 level.
The market data is provided by TradingView, Bitfinex.
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