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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Above $250 Could Spark A Larger Uptrend To $300

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price

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Ethereum is trading in a positive zone above $240 and $242 against the US Dollar. ETH is likely to climb above the $250 resistance, which might start a strong uptrend.

  • Ethereum is rising and it remained well bid above the $240 support level.
  • The price is now approaching the main $250 resistance and trading above the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to accelerate higher once there is a daily close above the $250 resistance.

Ethereum Price Eyeing Crucial Upside Break

In the past few sessions, there was a steady rise above $240 in Ethereum against the US Dollar. ETH price tested the $245 level yesterday before starting a downside correction.

The price corrected a few points, but it remained stable above the $240 level and the 100 hourly simple moving average. A fresh support base was formed and the price started a fresh increase above $240.

More importantly, there was a break above a bullish flag pattern with resistance near $244 on the hourly chart of ETH/USD. It opened the doors for more gains and the price climbed higher above $246. It again tested the $248-$250 resistance zone.

A high is formed near $249 and the price is currently consolidating gains. An initial support is near the $247 level. It is close to the 23.6% Fib retracement level of the recent wave from the $242 swing low to $249 high.

Ethereum Price

Ethereum price tests $250: Source: TradingView.com

There is also a key bullish trend line forming with support near $244 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent wave from the $242 swing low to $249 high.

On the upside, ether price seems to be eyeing a crucial upside break above the $250 level. It seems like the price is likely to accelerate higher once there is a daily close above the $250 resistance.

Dips Likely to be Limited in ETH

On the downside, the $244 level is a strong support zone. If Ethereum fails to stay above $244, there could be an extended decline in the near term.

The next key support could be $240, below which the price is likely to test the 100 hourly simple moving average in the coming sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with a positive bias.

Major Support Level – $244

Major Resistance Level – $250

Take advantage of the trading opportunities with Plus500

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

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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