Ethereum market update: ETH/USD hovers above $300 in a slightly bearish market

0
  • ETH/USD stepped above $310 before retracing to levels towards $300 support.
  • Ethereum path of least resistance is upwards sideways according to the technical picture.

Ethereum appreciated in value over the last weekend. The gains on the weekend emanated from the support that had been formed between $270 – $280. Prior to the brief correction, Ethereum spent most of last week seeking balance following the losses that had it tumbling from the yearly highs.

Consolidation under $300 took the center stage last week but the break above both the trendline resistance and the 50 Simple Moving Average (SMA) at $294.43 paved the way for gains spiking above. Unlike the previous break that failed to sustain gains, ETH/USD stepped above $310 before retracing to levels towards $300 support.

For now, the price is exchanging hands at $307 and holding onto shallow intraday gains. The 100 SMA is providing the much-needed support at $302. $300 is the next support target but the buyers must have $290 and $270 – $280 support areas under their radar.

The technical picture for ETH/USD has a bullish bias. The Relative Strength Index (RSI) is moving horizontally at 60 show that the price has the power to stay above $300. The Moving Average Convergence Divergence has recovered into the positive. The indicators divergence is increasing to show that the momentum is in favor of the bulls in the near-term.

ETH/USD 1-h chart

Get the 5 most predictable currency pairs

About Author

Comments are closed.