Weekly analysis of the price of Ethereum: ETH / USD grinding towards $ 314


Key Points

  • The ETH price moves nicely above the $ 290 level and could further gain towards $ 314 against the US dollar.
  • C & # 39; is an uptrend line formed with support for $ 290 on the 4-hour chart of ETH / USD (data feed via Kraken).
  • The pair remains supported and looks like it could continue towards $ 304 and $ 314 in the short term.

The price of Ethereum is slowly shifting relative to the US dollar and Bitcoin. ETH / USD remains down from $ 290 and $ 282.

Ethereum Price Trend

There was a decent support base near the $ 270 area of ​​the ETH price compared to the US dollar. The pair ETH / USD started an upward move and exceeded the resistance levels $ 280 and $ 290. The upside was liquidated after the price broke the fiber retracement level of 61.8% of the last fall, from $ 297 up to $ 270 at the bottom. The price gained traction and stabilized above the $ 290 level plus the simple moving average of 100 (4 hours).

It is currently consolidating near the $ 300 level. On the downside, there is a crucial bullish trend line formed with support for $ 290 on the 4-hour chart of Eth / USD. Above the support of the trendline, the 100 SMA is positioned near the $ 292 level. Therefore, the dives in the ETH remain supported near the $ 292 and $ 290 levels. On the upside, the price may soon test the level of 1.236 Fib extension of the last decline from $ 297 up to $ 270 down to $ 304.08. Beyond this, the next target for buyers could be the $ 314 level, which is the 1.618 Fib extension level of the last decline.

 Weekly analysis of the price of Ethereum BTC USD

The chart above shows that ETH is positioned well in a positive zone above $ 290. Once it settles above $ 300, there may be higher earnings towards the $ 304 and $ 314 in the short term.

4-hour MACD – The MACD is placed in the bullish zone.

4-hour RSI – The RSI is currently well above level 60.

Main support level – $ 290

Main resistance level – $ 314

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