Ethereum price gained bullish momentum above the key $248.00 and $250.00 resistance levels. ETH bulls are back in action and it seems like they are eyeing a retest of $280.00.
- Ethereum price broke to the upside and settled above the $248.00 resistance area.
- There is a major ascending channel forming with support near $256.00 on the 30-minute chart.
- ETH price is likely to find a strong buying interest and it could soon rally towards $280.00.
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Ethereum Price Analysis (ETH to USD)
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair even broke the $254.00 pivot level and settled above the 25 simple moving average (30-min). Finally, there was a break above the $262.00 level and the price traded to a new weekly high at $264.91.
At the outset, the price is correcting gains and it recently declined below $262.00 plus the 50% Fib retracement level of the recent wave from the $253.73 low to $264.91 high.
However, the price failed to gain bearish momentum below $260.00 and the 25 simple moving average (30-min). It remained stable above the 61.8% Fib retracement level of the recent wave from the $253.73 low to $264.91 high.
Moreover, there is a major ascending channel forming with support near $256.00 on the same chart. If there is a downside break below the channel support, the price could test the last swing low near $254.00.
If there are more losses, Ethereum could test the main support near the $248.00 level. An intermediate support is near $251.50 and the 1.236 Fib extension level of the recent wave from the $253.73 low to $264.91 high.
Overall, Ethereum price is trading with a strong bullish bias above $256.00 and $251.50. Therefore, there are chances of more upsides above the $264.00 and $270.00 resistance levels. The main resistance on the upside for ETH bulls could be $280.00 in the coming days.
The market data is provided by TradingView, Bitfinex.