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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.
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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