Ethereum price formed a support base near $250.00-255.00 against the US Dollar. ETH/USD started a fresh bullish wave and is currently placed nicely above $296.00.
- Ethereum price started an upward move after clearing a strong resistance near $280.00 and $300.00 against the US Dollar.
- ETH/USD broke a crucial bearish trend line with resistance at $285.00 on the 2-hours chart.
- The pair is following a nice bullish trend line with current support at $302.50.
Ethereum Price Weekly Analysis
After a nasty decline, Ethereum price found support near the $250.00-255.00 zone. ETH/USD consolidated for a few hours before starting an upside correction above the $260.00 and $275.00 resistance levels.
Looking at the 2-hours chart, the price climbed higher slowly and steadily above the $280.00 resistance. During the upside move, the price cleared many hurdles near $290.00, $295.00 and $300.00.
There was also a break above a crucial bearish trend line with resistance at $285.00. The price settled above the $300.00 level and the 25 simple moving average (2-hours). Finally, there was a break above the 50% Fib retracement level of the drop from the $371.02 high to $250.63 low.
The price is currently trading with positive moves above the $300.00 support area. On the upside, an initial resistance is near the $325.00 level, which is the 61.8% Fib retracement level of the drop from the $371.02 high to $250.63 low.
A break above the $325.00 resistance could push the price towards the next significant resistance near $348.00-350.00, which was a support earlier. Therefore, if the price continues to move higher, the next reaction zone could be $348.00-350.00.
On the other hand, if there is a downside correction, an initial support is at $302.00 and a nice bullish trend line with current support at $302.50 on the same chart.
The most important support is near $296.00 and the 25 SMA (2-hours). If Ethereum sellers succeed in pushing the price below the $296.00 support, there could be more losses towards the $280.00 support.
Overall, the current price action indicates more gains in ETH/USD as long as the price is above $296.00 and $280.00.
The market data is provided by TradingView, Coinbase.