Ethereum market update: ETH/USD sends bullish signals; recovery still hampered
|- Ethereum found support at $280 and $270 levels respectively during last week’s losses.
- ETH/USD is primed for upward correction; consolidation above $300 is expected.
Ethereum is in the green just like the other major coins and even the top twenty cryptos. Looking at the hourly chart, the trading pair put a stop to declines witnessed last week. While multiple support levels failed to hold, Ethereum found support at $280 and $270 levels respectively.
The weekend session appears to have been mundane with very little progress made to the upside. At the same time, Ethereum fought tooth and nail to stay above $290 following a slight recovery. At press time, Ethereum is trading at $293 while facing resistance at $300.
The double cross by the 50 Simple Moving Average (SMA) above the longer term 100 SMA at $304 suggests that Ethereum could rise and settle higher above $300. Other indicators suggest that Ethereum likely direction is upward sideways. The Relative Strength Index (RSI) is sloping gradually upwards while the Moving Average Convergence Divergence (MACD) is still under the mean line.
ETH/USD 1-h chart
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