Ethereum continued with the uptrend in spite of another drop back to $280 support.
ETH/USD buyers must find a support above $300 in the near-term but technical indicators show positive signs.
Ethereum has had a wild ride since the beginning of the year. The digital asset has declined from trading approximately at $1,400 to slightly above $250. This represents a drop of about 82% in comparison to Bitcoin which has plunged from trading almost at $20,000 to slightly below $6,000, which is a 70% drop.
However, all is not lost for Ethereum following the recovery that is ongoing. ETH/USD pulled back up above $275 and $285 but the resistance at $290 capped the gains a couple of days ago. The price corrected lower below $285 but the support at $280 held ground correcting the downside. The trading yesterday saw the buyers increase their urge for higher retracement above $290, but they were unable to beat the bear pressure at $300.
Although the price dropped to the drawing board marginally above $280, it bounced back up above the 61.8% Fib level with the last high at $322.74 and a low of $248.93. ETH/USD is currently trading above at $301 after breaking above the stubborn resistance at $300. The price has also broken out of the contracting triangle resistance at $295.71.
ETH/USD chart looks positive at the time of press, besides the short-term 50 SMA has crossed above 100 SMA while the stochastic is still pointing upwards in spite of being in the overbought region. ETH buyers must find a support above $300 in order for them to forge ahead towards $310 and eventually $320 in the medium-term.
ETH/USD hourly chart
Share
