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  • 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