Ethereum
Crypto

Ethereum Soars To $310: Technicals Suggest Uptrend Isn’t Over Yet

Ethereum followed a strong uptrend above $250 and $270 against the US Dollar. ETH price surged above the $300 level and it is currently consolidating gains.

  • ETH price gained more than 20% in the past few days and it surpassed $300 against the US Dollar.
  • A new monthly high is formed near the $310 level and the price is currently correcting lower.
  • There is a major bullish trend line forming with support near $295 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above $310 as long as it is above the $285 pivot level.

Ethereum Price is Surging

This past week, Ethereum started a significant upward move above the $250 resistance against the US Dollar. ETH price even broke the $275 resistance and the 100 simple moving average (4-hours).

The upward move was strong and ether surged above the $280 and $300 levels (as discussed in the last technical analysis). The price traded to a new monthly high near the $310 level and it is currently correcting lower.

There was a break below the $305 level, plus the 23.6% Fib retracement level of the recent surge from the $281 swing low to $310 high. On the downside, there is a strong support forming near the $300 and $295 levels.

Ethereum price trades above $300. Source: TradingView.com

There is also a major bullish trend line forming with support near $295 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent surge from the $281 swing low to $310 high.

On the upside, the price is facing minor hurdles near $310. The first major resistance is near the $320 level, above which ether price is likely to aim a larger rally towards the $350 level in the coming days.

Downside Correction in Ether (ETH)?

If Ethereum fails to continue higher above the $310 and $320 resistance levels, there are chances of a downside correction below the trend line support.

The next major support is near the $285 level (the recent breakout zone), below which the bears are likely to target an extended correction towards the $265 support level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently in the overbought zone.

Major Support Level – $295

Major Resistance Level – $310

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James Donald
James Donald writes for the Crypto section of Select News 91. He is an economic expert with a special interest in the unregulated currency system. He believes that the future of the planet lies in the unregulated system and that cryptocurrency is only beginning its journey. Whether his prediction is true or not, his skills certainly show his ability to analyze trends and dissect policy decisions. His column talks about the various cryptocurrencies failing and succeeding in a market that is nowhere near saturation.

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