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Ethereum Takes a Bit Hit But Uptrend Intact Above This Support

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Ethereum Takes a Bit Hit But Uptrend Intact Above This Support

Ethereum jumped to a new 2020 high at $278 before correcting lower against the US Dollar. ETH is now consolidating and it is likely to continue higher above $275.Ethereum seems to be struggling to clear the $275 resistance area against the US Dollar.The price is currently consolidating gains above the $260 support area.There is a key contracting triangle forming with support near $259 on the hourly chart of ETH/USD (data feed via Kraken).Ethereum PriceThe main uptrend support for Ethereum is near the $248 level and the 100 hourly simple moving average. If the price fails to stay above the $248 support area, there could be a larger downside correction. The next major support is seen near the $230 area.Fresh Increase?On the upside, an initial resistance is near the $270 level. It coincides with the 50% Fib retracement level of the recent decline from the $278 high to $262 low.A convincing break above the $270 area is needed for more gains. An immediate hurdle could be the 61.8% Fib retracement level of the recent decline from the $278 high to $262 low.However, Ethereum must gain momentum above the $275 resistance area to start a strong wave towards the $300 resistance area in the near term. If not, it could correct further towards the $248 support level.Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly losing pace in the bullish zone.Hourly RSI The RSI for ETH/USD is back above the 50 level, with positive signs.Major Support Level – $260Major Resistance Level – $275

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Author: Aayush Jindal

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