In the last week, Bitcoin and Ethereum have seen an increase in its price above $300 and $10,000 respectively as compared to USD. ETH/USD has seen the spike in its price above $305 and $310. Price has traded nearer to $320 level and high swing was formed near $318. But as one can easily see, it is hard to reach $315-$320 resistance area.
So there was a downward correction below the $310 level. There is a break below the main upward trendline with nearly $310 worth of ETH / USD hourly charting. Price of Ethereum even dropped below $300. On the contrary, the 100-hour SMA has acted as strong support close to the $295 level.
A low level of shrinkage is formed at $295, and the price is currently moving higher. It trades above the 23.6% deviation of the downward movement fibers from $318 to $295. In the upward direction, there are several bull obstacles around $306 and $310. The 50% downward trend fiber level of $318 to $295 swing low is close to the $306 level to prevent deviations.
Additionally, the main resistance is close to the level of $310. That’s why ETH needs to climb above $310 to start a new increase. The next key resistances are close to $315 and $320, beyond which the price may well accelerate.
Looking at the chart, the price of Ethereum is facing a lot of resistance below $310. Therefore, there are chances of moving the range before the next move (probably over $310 and $315). On the downside, the main support is close to $295 and a 100-hour SMA, followed by $290. Ethereum price is currently consolidating profits in a broad range against the US dollar, just like a battleship. The ETH price should remain above $295 and $290 to rise again.