Ethereum market overview: ETH/USD defies bear pressure posting gains past $290

Ethereum has embarked on a recovery journey ahead of the weekend. The movement north is unique because Ethereum appears to be breaking away from Bitcoin’s price action. Bitcoin dived below $11,000 earlier today before the bulls sent it back.

On the other hand, Ethereum maintained its position above the key support between $280 - $282. Towards the close of the session on Thursday, Ethereum dived below the support that had been established at $292. The fall although sharp did not last long as a rebound commenced immediately after touching the support area.

At press time, ETH/USD has recovered above the resistance of the moving averages, the trendline resistance as well as the hurdle at $290. With a market value of $291, Ethereum is battling to hold on the 2% gains on the day.

The momentum is supported by the Moving Average Convergence Divergence (MACD) which currently is moving higher in the positive region. The Relative Strength Index (RSI) is showing a picture of the bulls getting exhausted after hitting overbought levels. Therefore, it will be difficult for Ethereum to correction above $300 on Friday, however, it could stay above $280 - $282 support area.

ETH/USD15-mins chart