In today’s Ethereum price analysis, the coin has started correcting higher after declining below the $260 and $250 support levels.
Last week, the price of Ethereum (ETH) spiked above the $240 and $250 resistance levels. Moreover, ETH price surged above the $275 and $280 resistance and a new 2020 high was formed at $290. Thereafter, there was a downside correction below the $275 and $260 levels. Besides, the price spiked below the $250 support but it remained well bid above the $235 level.
At the time of writing this Ethereum price analysis, the coin has started a decent upward move as it is changing hands at the $280 level.
On the upside, if more buyers emerge, the coin will rise and retest the $290 resistance level. A successful breakthrough above the $290 level will empower the bulls to push the price near the $300 level. On the downside, should the price move below $280 support level, there is a possibility that the price could hit the support levels at $270 and $250.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of ETHUSD is currently bullish. It seems like the bulls are preparing for a push above the $280 and $285 resistance levels. If that happens, ETHUSD price is likely to rise strongly towards the $290 and $295 levels. Above these levels, there are chances of a strong rise towards the $300 and $305 levels in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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