Ethereum Price Analysis: ETH Breaks Up, Facing Next Target Of $300 (Again)

The Ethereum surge continues to make progress after increasing by a total of 7.25% over the past 7 days. Etheruem now is trading at a price of $271 at press time after seeing an impressive 30-day trading hike which totals over 74% from low to high.

Ethereum remains ranked in 2nd place amongst the top cryptocurrency projects by market cap value, as it currently holds a $28.92 billion valuation at the time of writing, according to CoinMarketCap. 

Looking at the ETH/USD 1-Day Chart:

• Since our previous ETH/USD analysis, we can see Ethereum has climbed higher from the $250 region to reach highlighted resistance above at the $271 level.
• From above: If the bulls can break above $271, the nearest level of higher resistance sits at $278. Above this, further resistance can be found between the $298 – $300 price region. If buyers continue above $300, further resistance can be found at $315, $334 and $349.
• From below: The nearest level of support now exists at $270. Beneath this, further support can be found at $250, $240, $228 and $213.
• Trading volume has decreased slightly but still remains quite high.
• The Stochastic RSI is trading in oversold territory and is producing a bullish crossover signal above, which is a strong bullish signal.

Looking at the ETH/BTC 1-Day Chart:

• Against Bitcoin, we can see Ethereum has managed to rebound from support at the 0.030 BTC level to reach its current trading area around 0.003131 BTC.
• From above: The closest level of resistance now lies at 0.0318 BTC. This level is further strengthened by the 100-day moving average level. Above this, further resistance exists at 0.0325 BTC, 0.03316 BTC and 0.03409 BTC.
• From below: The nearest level of strong support now lies at 0.03 BTC. Beneath this, further support sits at 0.0297 BTC, 0.02919 BTC and 0.029 BTC. Even lower support also lies at 0.0285 BTC and 0.028 BTC.
• Trading volume also has fallen slightly and is well below the May 2019 average.
• The RSI recently has rebounded from the 50 level showing the bulls remain in charge of the momentum. The Stochastic RSI, however, has not yet reached oversold conditions, suggesting that selling has not yet finished.