Ethereum price analysis: ETH/USD pullback hits a dead-end at $300; trendline hints upside breakout

Ethereum recovery has come to a sudden end short of $300 pivotal level. The call by the bulls to push the digital asset back to the glory above $350 was dealt a blow following the dip back to m$270 support on Tuesday.

 Despite the correction, Ethereum is still respecting a three-months-long ascending trendline that started at the beginning of April. This means that the market is still in a bullish phase. Moreover, Peter Brandt told investors recently that there is no bullish market that does not have corrections. He added that this downside will eventually correct itself.

Meanwhile, Ethereum is trading at $294 as bulls battle to hold on to the 1% gains on Wednesday. The intraday charts show that the prevailing trend is bearish. According to the technical indicators, starting with the Moving Average Convergence Divergence (MACD), upward correction should be expected in the coming sessions. The indicator’s divergence suggests that buying pressure is gradually increasing.

The 50 Simple Moving Average (SMA) 4-h is above the 100 SMA longer term trend indicator to show that the bulls have the influence. The Relative Strength Index (RSI) is in an upward direction above the average and emphasizes the bullish status of the market despite the hurdle at $300. Trading above $300 will allow Ethereum to focus on $320 and $360 levels in the sessions ahead of the weekend.

ETH/USD 4-h chart