Ethereum Watch

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).Bitcoin price is currently correcting lower, but it remains supported above $10,000.Ethereum Price Remains In UptrendRecently, there were a couple of swing moves in Ethereum above the $260 pivot area against the US Dollar. ETH surged to a new 2020 high at $278 and recently corrected lower.It broke the $265 support level, but remained well above the 100 hourly simple moving average. The correction was such that the price spiked below the $260 support area before the bulls emerged near the $255 level.A swing low was formed near $254 before Ethereum rallied above. The last swing high was $278 before the price corrected again to $262. It is currently consolidating losses above the $260 support area.Moreover, there is a key contracting triangle forming with support near $259 on the hourly chart of ETH/USD. If there is a downside break below the triangle support, the price could retest the $255 support area.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