Ethereum Just Reversed And Likely Gearing For Another Lift-Off To $255

Aayush Jindal

1 year ago

2 mins read

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Ethereum is up close to 4% and it surpassed the $240 resistance zone against the US Dollar. ETH price is likely to continue higher towards the $250 and $255 resistance levels.

Ethereum reversed losses and climbed back from the $230 support zone.
The price is now trading comfortably above the $240 pivot level, with a positive bias.
There is a rising channel forming with support near $242 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise as long as it is above the $242 and $240 support levels.

Ethereum Price Resumes Uptrend

Yesterday, we saw a sharp decline in Ethereum price below the $240 support. ETH price even spiked below the $230 support and the 100 hourly simple moving average.

Finally, it found support near $220 and recently started a fresh increase. There was a break above the $230 and $235 levels. Ether even managed to reclaim the $240 resistance and settled nicely above the 100 hourly simple moving average.

It traded as high as $246 and it is currently consolidating gains. An initial support is near the $242 level. The 23.6% Fib retracement level of the recent rise from the $218 swing low to $246 high is also near the $240 support.

More importantly, it seems like there is a rising channel forming with support near $242 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $250 level and the channel upper trend line.

If the price clears the $250 resistance, it is likely to continue higher towards the $255 level. Any further gains might call for a test of the $262 level or even $268.

Fresh Decrease in ETH?

If Ethereum fails to stay above the $242 and $240 support levels, it could start a fresh decline. The next major support is seen near the $232 level or the 50% Fib retracement level of the recent rise from the $218 swing low to $246 high.

A downside break below the $232 and $230 support levels could accelerate decline and the price may perhaps revisit the $218 swing low.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with a positive bias.

Major Support Level – $240

Major Resistance Level – $250

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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