Ethereum market update: ETH/USD hovers above $300 in a slightly bearish market

Ethereum appreciated in value over the last weekend. The gains on the weekend emanated from the support that had been formed between $270 - $280. Prior to the brief correction, Ethereum spent most of last week seeking balance following the losses that had it tumbling from the yearly highs.

Consolidation under $300 took the center stage last week but the break above both the trendline resistance and the 50 Simple Moving Average (SMA) at $294.43 paved the way for gains spiking above. Unlike the previous break that failed to sustain gains, ETH/USD stepped above $310 before retracing to levels towards $300 support.

For now, the price is exchanging hands at $307 and holding onto shallow intraday gains. The 100 SMA is providing the much-needed support at $302. $300 is the next support target but the buyers must have $290 and $270 - $280 support areas under their radar.

The technical picture for ETH/USD has a bullish bias. The Relative Strength Index (RSI) is moving horizontally at 60 show that the price has the power to stay above $300. The Moving Average Convergence Divergence has recovered into the positive. The indicators divergence is increasing to show that the momentum is in favor of the bulls in the near-term.

ETH/USD 1-h chart