Key Highlights
- ETH price gained heavy bids and was able to trade towards $340 against the US Dollar.
- There are two bullish trend lines formed with supports as $310 and $290 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- As long as the price is above $300, there is a chance of it testing the $350 level.
Ethereum price soared higher against the US Dollar and Bitcoin, and ETH/USD now looks set to break $340 and test $350.
Ethereum Price Surging Higher
In the last weekly analysis, we discussed the chances of ETH price moving above the $250 level against the US Dollar. The price did trade higher and not only broke $250, but also managed to move past $300. The current upside move looks very strong with real chances of further gains in the near term. The price already traded as high as $340.45, and looks set for more advances in the near future.
There are two bullish trend lines formed with supports as $310 and $290 on the 4-hours chart of ETH/USD. These trend lines may play a major role for a move towards $350. An initial support on the downside is at 23.6% fib retracement level of the last wave from the $238.35 low to $340.45 high. The price is currently correcting lower, but remains well-bid above $300-310.
The next important support is around the trend line above $310. Also, the 38.2% % fib retracement level of the last wave from the $238.35 low to $340.45 high is at $301. Overall, there are many key supports on the downside above $300 for ETH. As long as the price stays above these supports, there can be a break above $350.
4-hours MACD – The MACD is gaining heavy momentum in the bullish zone.
4-hours RSI – The RSI is in extreme overbought levels, and now heading south.
Major Support Level – $300.00
Major Resistance Level – $340.00
Charts courtesy – SimpleFX