Ethereum Breaking This Single Level Could Spark a Surge To $300 | NewsBTC

Ethereum is up more than 5% today and it is trading above the $235 level against the US Dollar. ETH price is likely to surge towards the $285-$300 if it clears the $248 resistance zone.

  • Ethereum is surging and it recently broke the $220 and $230 resistance levels.
  • The price is now trading well above the $220 pivot level and the 100-day simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards the $285 if it clears the $248 hurdle.

Ethereum Price Is Signaling More Gains

In the past few days, there was a strong rise in Ethereum above the $205 resistance against the US Dollar. ETH price even outperformed bitcoin and gained more than 10% in the past few sessions.

During the rise, there was a break above the 61.8% Fib retracement level of the main decline from the $288 swing high to $90 swing low. The bulls took over the market and they were able to push the price above the $200-$205 resistance zone.

The price is now trading well above the $220 pivot level and the 100-day simple moving average. More importantly, there was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD.

Ethereum Price

The pair is now testing a significant resistance zone near the $248 and $250 levels (the breakdown zone formed in Feb 2020). It is also close to the 76.4% Fib retracement level of the main decline from the $288 swing high to $90 swing low.

If Ether breaks the $248 and $250 resistance levels, it could easily continue higher above the $260 and $270 levels. The next key resistance is near the $300 level (a multi-touch zone). If the bulls succeed in clearing the $300 barrier, the price could surge towards the $320 and $330 levels.

Dips Supported in ETH

If Ethereum fails to clear the $248 resistance level, there could be a short term downside correction. An initial support is near the $225 and $220 levels.

The first major support is now near the $205 level and the broken bearish trend line. Any further losses may perhaps lead the price towards the $190 zone and the 100-day simple moving average.

Technical Indicators

Daily MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Daily RSIThe RSI for ETH/USD is currently correcting lower from the 70 level.

Major Support Level – $220

Major Resistance Level – $248

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Source: Ethereum Breaking This Single Level Could Spark a Surge To $300 | NewsBTC

Spread the love
 

Related Articles

Leave a Reply

%d bloggers like this:

Our website uses cookies and thereby collects information about your visit to improve our website (by analyzing), show you Social Media content and relevant advertisements. Please see our cookies page for furher details or agree by clicking the 'Accept' button.

blank