RATE Group | Ethereum Price Analysis: ETH/USD Preparing For More Gains Above $290
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Ethereum Price Analysis: ETH/USD Preparing For More Gains Above $290

04 Sep Ethereum Price Analysis: ETH/USD Preparing For More Gains Above $290

Posted at 08:20h in Ethereum News by

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Key Highlights

  • ETH price corrected lower after trading as high as $302.53 against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line is intact with resistance near $292 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break the trend line and $295 for more gains in the near term.

Ethereum price is slightly under pressure against the US Dollar and bitcoin. ETH/USD may perhaps rise again above the $292 and $295 levels.

Ethereum Price Support

After trading above the $300 level, ETH price started a downside correction against the US Dollar. The ETH/USD pair traded lower and broke the $295 and $290 levels. There was even a break below the 50% Fib retracement level of the last wave from the $275 swing low to $302 high. However, losses were protected by the $284 support zone and the 61.8% Fib retracement level of the same wave.

The price formed a support base near $284 and it is currently trading above $290 and the 100 hourly SMA. Moreover, it has…

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