Home Ethereum price analysis: Brushes shoulders with $300 but the downside is corrected $280
Crypto News

Ethereum price analysis: Brushes shoulders with $300 but the downside is corrected $280

  • Ethereum recovered above the resistance at $290 but lost momentum on stepping over $300.
  • The buyers are holding ground at $280, the outlook on the chart is positive.

Ethereum buyers are intent on recovering the price from the trip downstream it made at the beginning of the week to $250. In fact, they managed to break above the resistance at the 50% Fib level of the last drop from $322.74 and a low of $248.93 at $285. They continued with the upside momentum above the short-term resistance at $290 and traded slightly above the critical $300 resistance.

However, lower corrections followed shortly after trading highs of $306.12. The former resistance turned support at $285 failed to hold ground but ETH/USD found a balance above $280.00. Moreover, the hourly chart for ETH/USD shows that the trendline is offering support while a stronger anchorage is at the 50-day moving average which coincides with the 38.2% Fib retracement level.

The technical outlook for Ethereum on the chart shows that the buyers are currently seeking entry positions above $280. The stochastic is ranging above the oversold and shows signs of upward movement.   ETH/USD is trading at $283 at the time of press. The immediate resistance is at the 50% Fib level while the short-term resistance at $290 will limit gains in the saw way as yesterday. The ultimate buyers’ target is reclaiming $300

ETH/USD hourly chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.