Ethereum (ETH) Price Climbing Higher: Can Bulls Break $275 This Time?
- ETH price found support near the $262 level and recently climbed higher against the US Dollar.
- The price is currently testing the $270 resistance and it could continue to rise towards $275.
- There is a connecting bullish trend line forming with support near $268 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to revisit the main $275 resistance level, above which it could climb sharply.
Ethereum mining rig: Ethereum price is slowly climbing towards key resistances versus the US Dollar, but struggling vs bitcoin. ETH price might even clear the $275 resistance if the bulls remain in action.
Ethereum Price Analysis(Ethereum mining rig)
Recently, Ethereum price corrected lower and tested the $262 support area against the US Dollar. The ETH/USD pair formed a swing low just above $261 and started a fresh increase. It traded above the $265 resistance to move into a positive zone. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $275 high to $261 low.
The price is currently trading above the $268 level and the 100 hourly simple moving average. However, it seems to be facing a strong resistance near the $270 level. The 61.8% Fib retracement level of the last slide from the $275 high to $261 low is also near the $270 level. If there is an upside break above the $270 resistance, the price could accelerate higher in the near term.
The next main resistance is near the $275 level. The bulls might struggle to clear the $275-276 zone, but if they succeed, there could be sharp gains. The next stop for them could be $280 and $285.
On the downside, an immediate support is near the $268 level. Moreover, there is a connecting bullish trend line forming with support near $268 on the hourly chart of ETH/USD. If the pair fails to stay above the trend line support, it could decline back towards the $265 support. The next key support is near the $262 area, below which there is a risk of a sharp decline below $260.
Looking at the chart, Ethereum price is clearly moving higher with a positive bias above $265 and $268. However, the price must clear the $270 resistance to revisit the $275 level. In the short term, there could be more range moves below $275 before the price makes the next move either above $275 or below $260.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving back in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is climbing sharply above the 55, with a bullish angle.
Major Support Level – $265
Major Resistance Level – $275
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