#Ethereum Price Weekly Analysis: #ETH/USD Grinding Toward $314


There was a decent support base formed near the $270 zone in ETH price against the US Dollar. The ETH/USD pair started an upward move and traded above the $280 and $290 resistance levels. The upside was cleared after the price broke the 61.8% fib retracement level of the last decline from the $297 high to $270 low. The price gained traction and settled above the $290 level plus the 100 simple moving average (4-hours). It is currently consolidating near the $300 level. On the downside, there is a crucial bullish trend line formed with support at $290 on the 4-hours chart of ETH/USD. Above the trend line support, the 100 SMA is positioned near the $292 level. Therefore, dips in ETH remains supported near the $292 and $290 levels. On the upside, the price may soon test the 1.236 Fib extension level of the last decline from the $297 high to $270 low at $304.08 level. Above this, the next target for buyers could be the $314 level, which is the 1.618 Fib extension level of the last decline.

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#Ethereum #ETH

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