{"id":388489,"date":"2019-07-03T03:08:36","date_gmt":"2019-07-03T03:08:36","guid":{"rendered":"https:\/\/wncen.com\/?p=388489"},"modified":"2024-06-11T13:44:56","modified_gmt":"2024-06-11T13:44:56","slug":"ethereum-eth-price-forms-bottom-break-300-could-accelerate-gains","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-price-forms-bottom-break-300-could-accelerate-gains\/","title":{"rendered":"Ethereum (ETH) Price Forms Bottom: Break $300 Could Accelerate Gains"},"content":{"rendered":"
Ethereum price is reversing recent losses versus the US Dollar, similar to bitcoin<\/a>. ETH price must clear the $300 resistance level to continue higher in the near term.<\/em><\/p>\n In the past two sessions, there was a strong recovery in bitcoin<\/a> and Ethereum against the US Dollar. Earlier, the ETH\/USD pair declined to a new monthly low at $271 before it started a strong upward move. The bulls took control after the price broke the $275 and $280 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $323 high to $271 low.<\/p>\n Besides, there was a break above a major bearish trend line with resistance near $286 on the hourly chart of ETH\/USD. The pair even settled above the $290 level and the 100 hourly simple moving average. It is now trading near the key $298-300 resistance zone, which is acting as a barrier. Moreover, the 50% Fib retracement level of the downward move from the $323 high to $271 low is protecting gains.<\/p>\n If there is a successful break above the $300 barrier, the price could recover further. An immediate resistance is near the $310 level. The 76% Fib retracement level of the downward move from the $323 high to $271 low near $311 might also act as a resistance. If the price continues higher, it could soon revisit the last swing high near the $323 level.<\/p>\n On the downside, the recent resistances near the $292 and $290 levels may perhaps act as a support. The next major support is near the $282 level, below which the price could move back in a bearish zone.<\/p>\nEthereum Price Analysis<\/h2>\n