- Ethereum bulls are not demoralized, neither are they done: The focus is on $300 in the short-term.
- Ethereum is primed for gains with the bullish momentum having legs at $270 support.
Ethereum is correcting upwards following the losses that tested the support at $270. The second largest asset was leading the altcoin in losses, however, this current reversal is a key indicator that the bulls are not done yet and that they are not demoralized due to the declines experienced since Monday.
Following the drop on Thursday last week, Ethereum found support at $280 giving way to a retracement which stepped above $320 during the weekend sessions. A high was formed at $324 while the upside limited by the descending trendline resistance. The price about-turned trimming the gains below the 50 Simple Moving Average (SMA) 1-h and the 100 SMA 1-h. key support areas at $300 and $290 and $280 caved into the selling pressure.
Fortunately, the buyers found bearing at $270 on Tuesday leading to the current reversal. ETH/USD has reclaimed $280 support. The digital asset is changing hands at $283 at press time.
Technically, Ethereum is primed for gains with the bullish momentum having legs at $270 support. The Relative Strength Index (RSI) at 47 is gradually sloping upwards amid the growing momentum. Similarly, the Moving Average Convergence Divergence (MACD) has changed direction and is starting to move horizontally. Continued upwards movement towards the mean (0.0) will further encourage the bulls to increase their positions.