- ETH/USD resumes the strong growth after a period of range-bound trading.
- The coin hits a new high of the year, aims at $290.
Ethereum price probe above the top line of the recent consolidation channel at $274 and jumped to $288 in a matter of hours. The coin has retreated to $284 by the time of writing. Despite the correction from the recent high, the coin has gained over 6% in the past 24 hours.
Technical factors created the upside momentum as stop orders on speculative shorts clustered above $274 sent the price soaring. At this stage, it is not clear if the growth is sustainable, or the price will return to the previous range sooner rather than later.
Looking technically, the first support is created by $282, which is the top line of the 1-hour Bollinger Band. Once it is cleared, the sell-off may be extended to $280 and the upper boundary of the broken channel $274.
On the upside, we will need to see a sustainable above $285 to get a chance to retest the recent high of $288 and proceed to $290.
ETH/USD, 1-hour chart