Rally Could Extend To $350 This Week

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Ethereum price is trading with a positive bias above the $300.00 pivot level. ETH price seems to be sighting a solid increase towards $340.00 or even $350.00 in the coming days.

  • Ethereum price recovered nicely after settling above the $300.00 pivot level.
  • ETH/USD is following a connecting bullish trend line with support at $307.50 on the 30-minute chart.
  • The price is currently moving higher and it is likely to break the $315.00 and $320.00 resistances.

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Ethereum Price Analysis (ETH to USD)

After a downside correction, bitcoin and Ethereum found support near $10,500 and $292.00 respectively. ETH price recovered nicely and traded above the $300.00 pivot level to move back in a positive zone.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $300.00 and $302.00 levels to start a fresh increase. Besides, there was a break above the 61.8% Fib retracement level of the last decline from the $322.00 high to $292.09 low.

The price is now trading well above the $308.00 level and the 25 simple moving average (30-min). An immediate resistance is near the $315.00 level.

Moreover, the 76.4% Fib retracement level of the last decline from the $322.00 high to $292.09 low is also near the $315.28 level to act as a resistance. Above the $315.00 resistance area, the price could climb towards the $320.00 hurdle.

The current price action suggests that the price is likely to surpass the key $320.00 resistance level. In the mentioned bullish scenario, Ethereum price may perhaps start a decent rise towards the key $340.00 or $350.00 resistance level.

On the downside, an initial support is near the $310.50 level and the 25 simple moving average (30-min). There is also a connecting bullish trend line forming with support at $307.50 on the same chart.

Overall, Ether price is trading nicely above $305.00 and $307.00 and it could soon break the $315.00 and $320.00 resistance levels. Conversely, a downside break below $300.00 might push ETH back towards the $292.00 swing low.

The market data is provided by TradingView, Bitfinex.


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