- ETH/USD bulls pushed the price above critical resistance $310
- A move above $330 will signal that the correction is over.
Ethereum, the second largest cryptocurrency with the current market capitalization of $33.7 billion, jumped above $310 handle and continued growing during early Asian hours on Tuesday. ETH/USD has gained over 3.5% in recent 24 hours and hit $318.45 high before retreating to $315.68 by the time of writing. The coin is moving within a short-term bullish trend amid growing volatility.
Ethereum’s price analysis
The initial support for ETH/USD lies at $302.00. It is created by SMA100 (Simple Moving Average) on 4-hour chart and closely followed by psychological $300 strengthened by the middle line of 4-hour Bollinger Band. Once this barrier is cleared, the sell-off may be extended towards the next bearish target at $280.50 (SMA200 4-hour and the lower edge of 4-hour Bollinger Band).
On the upside, a sustainable move above $310 has improved the technical picture. However, from the longer-term point of view, we need to see a recovery above $330.00 (the upper edge of 1-day Bollinger Band) to claim that the coin has resumed the movement within the upside trend. A move above this area will open up the way towards June 27 high at $342 and signal that the downside correction is over.