HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing More Upsides Above $250

Ethereum Price Analysis: ETH Eyeing More Upsides Above $250

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  • Ethereum price is up more than 10% and it is trading above $240 against the US Dollar.
  • ETH price is showing a lot of positive signs, but it is facing hurdles near $250.
  • There was a break above a crucial contracting triangle with resistance near $210 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher towards $280 if it clears the $250 resistance zone.

Ethereum price is trading in a bullish zone above $225 against the US Dollar. ETH/USD seems to be eyeing more upsides above the $250 and $255 levels in the near term.

Ethereum Price Analysis

After forming a strong support base above the $200 level, Ethereum price started a fresh increase against the US Dollar. ETH price broke many hurdles near $210 and $220 levels to move into a positive zone.

Moreover, there was a break above a crucial contracting triangle with resistance near $210 on the 4-hours chart. It opened the doors for more gains above the main $225 resistance. There was also a close above the $240 level and the 55 simple moving average (4-hours).

The price spiked above the $250 level and traded to a new weekly high at $252. It is currently consolidating gains near the $248 level. An initial support is near the $246 level. It is close to the 23.6% Fib retracement level of the recent rise from the $229 swing low to $252 high.

The first major support is seen near the $240 level or the 50% Fib retracement level of the recent rise from the $229 swing low to $252 high. Moreover, there is a connecting bullish trend line forming with support near $234 on the same chart.

Therefore, dips remain well supported on the downside near the $240 and $234 levels. Any further losses may perhaps start a major correction towards the $225 support zone (the previous breakout zone).

On the upside, the $250 and $252 levels are initial hurdles. A clear break above the $252 level could open the doors for more gains. The next major resistance is near $262, above which it could test $280.

Ethereum Price

Looking at the chart, Ethereum price is trading in a positive zone above $225. There could be a short term correction, but dips are likely to remain supported near $240 or $234.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 55 level.

Key Support Levels – $240, followed by the $234 zone.

Key Resistance Levels – $252 and $262.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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