- ETH price surged higher and broke the key $ 240 and $ 250 resistance levels against the US Dollar.
- The price is up more than 20% and it recently tested the $ 270 resistance level.
- There is a new key bullish trend line forming with support near $ 244 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is following a strong uptrend and it seems like the price could even surge towards $ 300.
Ethereum price surged significantly towards $ 270 versus the US Dollar, and jumped sharply vs bitcoin. ETH is in a major bull run and it seems like the price might even hit $ 300.
Ethereum Price Analysis
Yesterday, we saw a sharp increase in Ethereum price above $ 220 resistance against the US Dollar. The ETH/USD pair gained pace above the $ 225 resistance and rallied above the second target discussed this week. It broke the key $ 240 and $ 250 resistance levels to move further into a positive zone. The uptrend was such that the price gained more than 20% and even tested the $ 270 level. The price is currently well above the $ 260 level and placed nicely above the 100 hourly simple moving average.
A swing high is formed at $ 270 and the price is still showing a lot of positive signs. If there is a downside correction, an immediate support is at $ 262. It represents the 23.6% Fib retracement level of the recent surge from the $ 237 swing low to $ 270 high. If there is an extended downside correction, the price could test the $ 254 support level. The 50% Fib retracement level of the recent surge from the $ 237 swing low to $ 270 high is also near the $ 254 support. Besides, there is a new key bullish trend line forming with support near $ 244 on the hourly chart of ETH/USD.
Therefore, if the price corrects lower, it is likely to find a lot of buyers near the $ 262 or $ 254 support. On the upside, the $ 270 level is an immediate resistance. If there is an upside break above $ 270, the price could rally towards the $ 285 level. However, the main target for the bulls could be $ 300 in the coming sessions.
Looking at the chart, Ethereum price is clearly surging and it is likely to break the $ 270 resistance level. The next few hours could be important as the price is likely to trade in a range before it climbs above $ 270 and $ 275.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently placed heavily in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone, with no major correction signal.
Major Support Level – $ 254
Major Resistance Level – $ 285