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Ethereum (ETH) Price Analysis: Rally Could Extend & Take it Above $300

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Ethereum price gained bullish momentum and broke the $264.00 and $275.00 resistances. ETH is currently consolidating gains and it is likely to rally above $280.00.

  • Ethereum price surged higher above $264.00 and traded to a new weekly high at $280.50.
  • There is a contracting triangle forming with support near $272.20 on the 30-minute chart.
  • ETH price could correct in the short term, but it is likely to climb further above $280.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

This week, there was a strong rise in bitcoin, Ethereum, ripple, EOS, BCH, TRX and other major altcoins. ETH price gained bullish momentum after it broke the $252.00 and $264.00 resistance levels. The price traded as high as $280.50 and it is currently consolidating gains.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair settled above the $260.00 and $264.00 resistance levels. Moreover, the price gained strength above $270.00 and the 25 simple moving average (30-min).

However, the $280.00 resistance area once again prevented gains and the price recently corrected lower. It retested the $264.00 support, traded as low as $264.40, and recovered above the $270.00 level.

There was a break above the 50% Fib retracement level of the recent correction from the $280.50 high to $264.40 low. However, the $275.00-276.00 zone is currently acting as a hurdle and preventing further gains.

Besides, there is a contracting triangle forming with support near $272.20 on the same chart. The triangle resistance is near $275.00 and the 61.8% Fib retracement level of the recent correction from the $280.50 high to $264.40 low.

Therefore, a successful close above $276.00 is likely to set the pace for a fresh increase above the $280.00 barrier. The next key resistances are near $288.00, $294.00 and $300.00.

Conversely, if there is a downside break below the triangle support, Ethereum price could test the $268.00 level and a bullish trend line. The main support for ETH/USD is near the $264.00 level, below which the price might start an extended downside correction towards $254.00 in the near term.

The market data is provided by TradingView, Bitfinex.

The post Ethereum (ETH) Price Analysis: Rally Could Extend & Take it Above $300 appeared first on Blockonomi.

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