Key HighlightsETH price is recovering after trading as low as $282.73 and formed a decent support against the US Dollar.There is an ascending channel forming with current support at $296 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to rise slowly and steadily above the $300 and $308 resistance levels in the near term.Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD could accelerate gains above the $308 levels if it stays above $290.Ethereum Price SupportThere was a key downside correction initiated from the $320 swing high in ETH against the US Dollar. The ETH/USD pair declined below the $300 level and traded close to the $282 support level. A low was formed at $282.73 and later the price started an upside correction. It moved above the $295 level and the 100 hourly simple moving average. Moreover, there was a break
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