ETHUSD Dominant Trend: Bullish
Resistance Levels: $335, $345, $355
Support Levels: $285, $275, $265
Ethereum Price Analysis
Ethereum price is slowly gaining above $315 against the US dollar as it consolidates with Bitcoin. The Ethereum price is expected to break the resistance levels of $330 and $335 in the short term. Yesterday, the market witnessed a short-term downward correction of less than $306 in Ethereum’s price against the US dollar. The ETH/USD has remained well above the $300 level. There were many buying interests close to the $295 level and the 55-day moving average. As a result, the price started a new rise and exceeded the levels of $310 and $312. The upward movement was positive since Ethereum price was above the level of $315. The immediate resistance is close to the level of $325, the main resistance upwards is close to the level of $330. If the Ethereum price exceeds the resistance level of $330, it should increase its value. As a result, the price could even exceed resistance levels at $335, $345 to $355 in the short term.
In addition, there are many supports near the $300 level. In addition, there is an upward channel forming with support of almost $305 on the ETH/USD hourly chart. If there is a break below $305, Ethereum price could test the support at $300. The main support is now around the levels of $285, $275 and $265. Looking at the chart, the ETH/USD is negotiated at the upper limit of the Bollinger band indicator and clearly is picking up its bullish momentum above the $316 level. Meanwhile, the bulls must gather enough evidence above the $325 and $330 levels to remain the controller of the market. In the event that they are successful, there is a good chance that more gains will exceed the resistance level of $335. The next step for the bulls in the aforementioned case could be close to the level of $345 or even $355. The RSI for ETH/USD is currently well above level 60, with a bullish angle.