Ethereum Soars To $270: Here’s Why ETH Could Rally Further To $285

Aayush Jindal

1 year ago

2 mins read

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Ethereum rallied over 8% and it surged above the crucial $250 resistance against the US Dollar. ETH price is trading in a strong uptrend and it could continue to rise towards $280 or $300.

Ethereum is up more than 8% and it broke the $250 and $260 resistance levels.
The price is now trading well above the $250 barrier and the 100-day simple moving average.
There is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards the $280 and $285 levels in the near term.

Ethereum Price Turns Green

In the past 5-6 days, Ethereum formed a strong uptrend above the $220 pivot level against the US Dollar. ETH price started a nasty upward move and it broke a few important hurdles near the $250 level.

The bulls were able to gain strength after the $250 resistance break and the price settled well above the 100-day simple moving average. Ether is up over 8% in the past three sessions and it is even broke the $260 level.

A new monthly high is formed near $270 and the price is currently consolidating gains. An initial support is near the $260 level. It is close to the 23.6% Fib retracement level of the recent rally from the $230 swing low to $270 high.

Ethereum price rallies above $260. Source: TradingView.com

The main support is now forming near the $250 level (the recent breakout zone). More importantly, there is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD.

The trend line is close to the 50% Fib retracement level of the recent rally from the $230 swing low to $270 high. On the upside, the $270 level is an immediate resistance. If ether price breaks $270, the bulls are likely to aim a test of the $280 and $285 resistance levels. Any further gains could lead the price towards $300 in the coming days.

Dips Supported in ETH

If Ethereum starts a downside correction below the $260 support, it is likely to find a strong buying interest near the $250 pivot level.

Any further losses below the $250 support and the trend line support could lead the price towards the $220 support zone and the 100-day simple moving average.

Technical Indicators

Daily MACD – The MACD for ETH/USD is moving strongly in the bullish zone.

Daily RSI – The RSI for ETH/USD is currently near the 70 level.

Major Support Level – $250

Major Resistance Level – $270

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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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