Ethereum price analysis: ETH/USD ascending channel support in danger
- Ethereum holds ground $300 while strongly defending rising channel support.
- ETH/USD is trading at $309 with the upside limited by the moving averages.
Ethereum corrected towards $320 on Tuesday following a continuation to the uptrend staged on Monday this week. Before the gains began, Ethereum movement had been locked in a narrow range between $280 and $300 to the upside.
The correction above the short-term support formed at $290 and both the 50 Simple Moving Average (SMA) and the 100 SMA 15-mins pulled ETH/USD above $300. And unlike previous attempts, this time Ethereum sustained gains past $310. Further movement north yesterday propelled the largest altcoin close to $320 hurdle.
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Ethereum, however, put a pause to the uptrend short of $320 giving way to losses that have explored levels close to $300. Presently, ETH/USD is trading at $309 with the upside limited by the moving averages. Other technical indicators like the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have a bullish bias but recovery will remain limited in the short-term.
The support by the rising channel will remain in danger as long as Ethereum is trading under $320 hurdle. Other key support areas include $300, $290 and $270 - $280.
ETH/USD 15-mins chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
