- ETH price is slowly moving higher and it recently broke the $310 resistance against the US Dollar.
- There are many supports on the downside near the $310 and $305 levels.
- There is a rising channel forming with support near $308 on the hourly chart of ETH/USD (data feed via Kraken).
- On the upside, the price could soon revisit the $325 resistance level or even $330.
Ethereum price is moving higher with a positive angle versus the US Dollar, whereas bitcoin jumped 10%. ETH price is likely to continue higher and it could even test $325.
Ethereum Price Analysis
In the past few sessions, there was a strong rise in bitcoin price above $12,000 against the US Dollar, but Ethereum climbed slowly. The ETH/USD pair remained stable above the $302 and $300 support. Moreover, there was a positive price action above the $305 level the 100 hourly simple moving average. As a result, the price climbed higher and broke the last swing high at $311.
It traded to a new weekly high above the $316 level. At the moment, the price is trading well above the $310 level. An initial support is near the 23.6% Fib retracement level of the recent wave from the $306 low to $316 high. Moreover, there is a rising channel forming with support near $308 on the hourly chart of ETH/USD. If there is a downside correction, the pair is likely to find bids near $311 or $310.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone, with a positive bias.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level, with a bullish angle.