|Key ETH resistance levels||$323, $334, $350, $363|
|Key ETH support levels||$303, $289, $281, $261|
*Price at the time of publication
Ethereum price long-term trend: Bullish
Following the latest positive rally in the entire crypto market, most of the best performing cryptocurrencies are turning bullish after suffering from a short-term bearish correction although many are still performing poorly against Bitcoin. So far, the price of Ethereum recovered back above $300, causing the market to see a price gain of 1.45% over the past few hours of trading.
After plunging from $363 in late June, ETH dropped as low as $280, where it bounced on the rising channel support before regaining momentum back to the current trading price at around $311. The past two days of trading reflected a strong commitment from the bull side.
We can then expect further drive up if they continue to power the market. The levels of resistance to key an eye on are the $323, $334, $350 and $363, before the token can print a fresh high. As we can see on the price chart, the daily volume is low, likely owing to the last week’s price drop.
Considering a potential downtrend, the $303, $289, $281 and $261 levels might be explored. The MACD is still showing a nice bullish trend for the market. Meanwhile, the RSI is rising again after regaining strength at the 50 level.
Ethereum price medium-term trend: Bullish
The Ethereum market is rising back after surge above the symmetrical triangle formation, breaching the $300 level at the same time. Now, the market tested the $318 level and it appears a pullback is about to play out. The token may find support around the $308 area before we see a steady price increase to the $318, $324, $351 and $361 resistance levels.
However, a drop Ethereum might bring the price to revisit some key support levels and allowing the market to fall to $298, $289, $280, $271 and $261. From a technical standpoint, the direction of this market is unlikely to go bearish for now.
The token has now seen a positive cross on the MACD, which is a good sign for the uptrend to continue. The RSI as well is climbing nicely to the highest area, revealing the recent green market. For now, the trend is checked at the strong 70 level.
Ethereum price short-term trend: Bullish
On the hourly chart, we can see the price action as it exactly plays out in the market. The actual momentum is revealed in a rising channel formation. Looking at the price chart, we can see that the trading volume is quite low and as a result of that, the market volatility is subdued with choppy price action.
However, the RSI is turning bearish and ETH can expect to find immediate support at $302 and $298. Meanwhile, the MACD is maintained in a positive zone. After a slight retracement, we can expect the market to proceed to increase to $317, $322 and above before rebounding at either of the support levels.