Ethereum continued with the uptrend in spite of another drop back to $280 support.

ETH/USD buyers must find a support above $300 in the near-term but technical indicators show positive signs.

Ethereum has had a wild ride since the beginning of the year. The digital asset has declined from trading approximately at $1,400 to slightly above $250. This represents a drop of about 82% in comparison to Bitcoin which has plunged from trading almost at $20,000 to slightly below $6,000, which is a 70% drop.

However, all is not lost for Ethereum following the recovery that is ongoing. ETH/USD pulled back up above $275 and $285 but the resistance at $290 capped the gains a couple of days ago. The price corrected lower below $285 but the support at $280 held ground correcting the downside. The trading yesterday saw the buyers increase their urge for higher retracement above $290, but they were unable to beat the bear pressure at $300.

Although the price dropped to the drawing board marginally above $280, it bounced back up above the 61.8% Fib level with the last high at $322.74 and a low of $248.93. ETH/USD is currently trading above at $301 after breaking above the stubborn resistance at $300. The price has also broken out of the contracting triangle resistance at $295.71.

ETH/USD chart looks positive at the time of press, besides the short-term 50 SMA has crossed above 100 SMA while the stochastic is still pointing upwards in spite of being in the overbought region. ETH buyers must find a support above $300 in order for them to forge ahead towards $310 and eventually $320 in the medium-term.

ETH/USD hourly chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto scams fall 65% after gullible noobs exit the market: Chainalysis

Crypto scams fall 65% after gullible noobs exit the market: Chainalysis

Less gullible retail investors and falling asset prices have made scamming a less enticing endeavor, but the tsunami of new DeFi applications has hackers licking their lips. Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices.

More Cryptocurrencies news

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price to provide a buying opportunity before exploding 35%

Dogecoin price sees a slow decline in bullish momentum as a major hurdle puts an end to its explosive move. A pullback is emerging for DOGE and is likely an opportunity that will allow bulls to recuperate and prepare for the next rally.

More Dogecoin news

Solana Price Prediction: How high can the X-wave rally?

Solana Price Prediction: How high can the X-wave rally?

Solana price has fallen into a supportive level on the Relative Strength Index on larger time frames. Solana price could rally an additional 80% under conservative macro conditions. Invalidation of the uptrend scenario is a breach of the low at $25.78.

More Solana news

Avalanche Price Prediction: A sharp decline in the making?

Avalanche Price Prediction: A sharp decline in the making?

Avalanche price shows a potential sell-off underway, and key levels have been identified. Avalanche price could be depicting early evidence of liquidation underway as the technicals show subtle bearish cues. AVAX price has rallied 90% since July 1st, printing a new monthly high.

More Ethereum news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP