- The ETH price is moving well above the level of $ 290 and could further increase towards $ 314 against the US dollar.
- A crucial bullish trend line has been formed with support for $ 290 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair remains supported and it seems that in the short term it could stay in the direction of $ 304 and $ 314.
Ethereum price is slowly rising higher against the US dollar and Bitcoin. ETH / USD continues to buy-on-dips to levels of $ 290 and $ 282.
Ethereum Price Trend
A decent support base was formed near the $ 270 zone in ETH price versus the US dollar. The ETH / USD pair started an upward movement and traded the resistance levels of $ 280 and $ 290. The benefit was cleared after the price broke the 61.8% fib retracement level from the last fall of the $ 297 high to $ 270 low. The prize gained grip and settled above the $ 290 level plus the 100 simple moving average (4 hours).
It is currently consolidating close to the $ 300 level. On the other hand, a crucial bullish trend line has been formed with support for $ 290 on the 4-hour graph of ETH / USD. Above the trend line support, the 100 SMA is close to the $ 292 level. That is why dips in ETH remain supported near the $ 292 and $ 290 levels. On the plus side, the price may soon test the 1,236 Fib expansion level from the last drop of the $ 297 high to $ 270 low at $ 304.08 level. Above, the next target for buyers could be the $ 314 level, which is the 1,618 Fib expansion level of the last drop.
The graph above shows that the ETH price is nicely placed in a positive zone above $ 290. Once it settles above $ 300, more profits can be made in the short term towards the $ 304 and $ 314.
4 hour MACD – The MACD is placed in the bullish zone.
4-hour RSI – The RSI is currently well above the 60 level.
Great support level – $ 290
Major Resistance Level – $ 314