Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely
technical analysis

Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

THELOGICALINDIAN - Ethereum amount is accepting bullish drive against the US Dollar agnate to bitcoin ETH is now trading aloft the 265 attrition and it is acceptable to abide college in the abreast term

Ethereum Price Analysis

After testing the $230 support, Ethereum amount started a abiding acceleration adjoin the US Dollar. The ETH/USD brace bankrupt abounding hurdles on the way up, including $245 and $250. There was a abutting aloft the $250 attrition and the 100 alternate simple affective average. Recently, bitcoin price started a able advancement move, blame ETH aloft the key $265 resistance. It opened the doors for added assets aloft the $265 and $270 levels.

During the rise, there was a breach aloft a crumbling approach with attrition abreast the $251 akin on the alternate blueprint of ETH/USD. The brace traded aloft the $270 akin and formed a new account aerial at $272. The amount is currently acclimation lower and is trading abreast $268. An antecedent abutment is at $266 and the 23.6% Fib retracement akin of the contempo beachcomber from the $246 low to $272 high. However, the capital abutment is now at $265 (the antecedent attrition area). The abutting key abutment could be abreast the $259-260 zone.

It coincides with the 50% Fib retracement akin of the contempo beachcomber from the $246 low to $272 high. If there are added losses, the amount could acquisition abutment abreast the $252 akin and the 100 alternate SMA. On the upside, an antecedent attrition is abreast the $272 level, aloft which the amount may conceivably assemblage aloft the $275 level. The capital attrition is abreast the $280 level, followed by the $300 handle.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum amount is acutely trading accurately aloft the $265 axis level. As continued as there is no abutting beneath the $258 level, there are affairs of a beginning increase. A bright breach aloft the $272 akin will best acceptable accessible the doors for a aciculate acceleration aloft the $275 and $280 levels in the advancing sessions.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is placed heavily in the bullish zone, with absolute signs.

Hourly RSIThe RSI for ETH/USD is currently acclimation lower from the overbought levels appear the 60 level.

Major Support Level – $260

Major Resistance Level – $272