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.
Recommended Content
Editors’ Picks
Solana tops $185 as SOL pairs dominate private DEXs and meme coin trading
Solana's (SOL) price is nursing minor losses, down almost 2% to trade at $180 at the time of writing on Wednesday. Over the past weeks, the meteoric rise changed the trend from bearish to bullish, reflecting strong risk-on sentiment in the broader crypto market.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC eyes $105K breakout, ETH holds key support, XRP targets $3
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to show strength as the broader crypto market sustains its bullish momentum. BTC is testing a critical resistance level that could mark a fresh push toward record highs while ETH remains supported by a key level, signaling potential for upward continuation.
Crypto Today: BTC rekindles all-time high prospect as SOL, ETH and DOGE lead $3.5 trillion recovery
The global crypto market capitalization rose by another 2% on Tuesday, retaking the $3.5 market cap milestone after a brief dip towards $3.2 trillion on Monday. In terms of key bullish catalysts, vital figures in the US CPI data released have raised expectations of imminent Fed rate cuts.
Why is the crypto market up today? Weak CPI boosts market confidence
Bitcoin (BTC) saw a 1.4% uptick on Tuesday — reclaiming $104,000 — and Ethereum (ETH) gained 9% after the US Consumer Price Index (CPI) for April came in at 2.3%, below market expectations of 2.4%.
Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.