- Ethereum recovered from the major support at $270 but the bullish trend stalled and about-turned short of $290.
- Ethereum buyers must clear the resistance at $285-290 and $300 for them to have the power to curve upward an path towards $350.
Ethereum is still heavily walloped by selling pressure in spite of the bullish trend that is taking Bitcoin towards the $7,000 mark. Other altcoin like IOTA and Litecoin are correcting higher above $0.7 and $60 respectively. Although Ethereum broke above the trendline resistance and the critical level at $280, the digital asset is still lacking a catalyst to overcome significant hurdles at $290 and $300.
The uptrend that was initiated towards the end of the trading session on Monday 27 was short-lived and about-turned on touching the 50% Fib level with the last swing high of $318.83 and a low of $259.05. ETH/USD is trading at $285 at the time of writing while embracing the short-term support at $282.86.
The trend on the chart is sideways; the stochastic is ranging at 67.22 percent while the longer term 100SMA is crossing above the 50SMA. The sellers are fighting for entry positions at $285. There are several support areas on the 1-hour chart at $282.86, at 280 and the major support at $270. It is essential that Ethereum buyers gather the strength to overcome the immediate resistance at $285 – $290 and eventually $300 in order to have the power to define further movement towards $320 and $350.
Read more on Ethereum price analysis here.
ETH/USD 1-hour chart
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