Ethereum (ETH) Price Following Rising Channel: Targets $270, $280
- ETH price is trading nicely above the $245, $240 and $232 support levels against the US Dollar.
- The price recently tested the $265 level and corrected lower to test the $240 support.
- There is a new rising channel forming with support near $245 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported on the downside near the $245 level and the 100 hourly simple moving average.
Ethereum price is following bullish path above $245 versus the US Dollar, but struggling vs bitcoin. ETH is likely to climb towards $270 or $280 as long as it is trading above the $240 support.
Ethereum Price Analysis
Yesterday, we saw a downside correction in Ethereum price from the $265 swing high against the US Dollar. The ETH/USD pair declined below the $250 support level and tested the $240 support. There was a minor spike below the 100 hourly simple moving average, but the pair bounced back above $242. Recently, there was a slow recovery above the $250 level and the 50% Fib retracement level of the last downside from the $265 high to $240 swing low.
The price even traded above the $255 level, but it seems to be facing a strong resistance near the $257-258 area. Besides, the 61.8% Fib retracement level of the last downside from the $265 high to $240 swing low is acting as a solid resistance. If there is an upside break above the $257-258 resistance zone, the price is likely to climb towards the $265 swing high. Any further gains could push the price towards the $270 or $280 resistance area. On the downside, there are many supports near the $245, $240 and $232 levels.
Moreover, there is new rising channel forming with support near $245 on the hourly chart of ETH/USD. The channel support at $245 is also near the 100 hourly simple moving average. Therefore, as long as the price is above the channel support, it could continue to grind higher. Conversely, if there is a downside break, the price might retest the $240 support area.
Looking at the chart, Ethereum price seems to be following a slow and steady bullish path above $240. If the bulls fail to defend the $240 support, there could be a fresh drop towards the $225 support area. On the upside, if there is a strong follow through above $258 and $265, the price is likely to test the key $280 resistance.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level, with a minor bearish angle.
Major Support Level – $245
Major Resistance Level – $265