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Ethereum Just Saw Key Technical Breakout: Break Above $250 Seems Likely

Ethereum is trading in a strong uptrend above the $230 pivot zone against the US Dollar. ETH price is likely to continue higher above the $245 and $250 resistance levels.

  • Ethereum started a downside correction from the $250 resistance zone.
  • The price corrected below the $240 level, but it found support near the $230 level.
  • There is a major bullish trend line forming with support near $232 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $245 and $250 resistance levels.

Ethereum Price Could Revisit $250

Ethereum price is following a bullish path and it recently surged above the $240 level. ETH price gained pace and surged towards the $250 resistance zone, with a close above the 100 hourly simple moving average.

A high was formed near $250 before ether price corrected lower. There was a break below the $240 level, but the $230 level acted as a strong support. A low is formed near $229 and the price is currently rising.

There was a break above the $235 level and a connecting bearish trend line on the hourly chart of ETH/USD. The price spiked above the 50% Fib retracement level of the downward move from the $250 high to $229 low.

Ethereum Price

Ethereum Price

However, the price seems to be struggling near the $240 level. It is close to the 61.8% Fib retracement level of the downward move from the $250 high to $229 low. If Ethereum gains pace above the $240 level, it is likely to revisit the $250 resistance zone.

Any further gains could start another major rally and the price might break the $260 and $265 levels in the coming sessions.

Dips Supported in ETH

If Ethereum fails to continue above the $240 level or $245, there might be another correction. An initial support is near the $235 level. The first major support is seen near the $232 level.

There is also a major bullish trend line with support near $232 on the same chart. If the price breaks the trend line support and also clears the $230 level, there is a risk of a larger decline in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level, with a minor bearish angle.

Major Support Level – $232

Major Resistance Level – $245

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Ethereum Just Saw Key Technical Breakout: Break Above $250 Seems Likely was last modified: June 1st, 2020 by Aayush Jindal

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