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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.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

Recently, there was a strong bounce in bitcoin, Ethereum, ripple, bitcoin cash and a few other major altcoins. ETH price broke the key $248.00 and $250.00 resistance levels to enter a bullish zone.

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.


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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.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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