The good momentum for Ethereum is still something we see on a daily basis and according to analysts, a surge to $300 for the ETH price is definitely in play. ETH is up by more than 5% today and it is trading above the $235 level against the US dollar. Many people analyzing the price of ETH are now trying to understand if the upside potential can translate to a surge towards $285 and then $300.
As most of the analysts in the Ethereum news now say, the ETH/USD pair needs to break the $248 resistance zone in order to prosper. The price is now trading well above $200 and the 100-day simple moving average. There was a break above a crucial bearish trend line recently with resistance near $208 on the daily chart of ETH/USD (according to data from Kraken).
However, the reality of this good momentum for Ethereum is that the price has been continuously trading well above $220 and the 100-day simple moving average. More importantly, we could see a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD.
The pair is now testing a significant resistance zone near the $248 and $250 levels (which is the breakdown zone formed in February 2020). We can see that it is also close to the 76.4% Fib retracement level of the main decline from a $288 swing high to a $90 swing low.
If Ethereum breaks the $248 and $250 resistance levels, it could spell only one thing in the cryptonews – trading higher above the $260 and $270 levels. The next key resistance is near the $300 level (seen as a multi-touch zone) and if the bulls succeed in clearing this level, the price could surge towards $320 and $330.
However, there is also an alternative scenario. The good momentum for Ethereum might not continue and if Ether fails to clear the $238 resistance level, there could be a short-term downside correction. In this case, the initial support is near $225 and $220 levels. The technical indicators for Ethereum are now as following:
- Daily MACD – The MACD for ETH/USD is in a loss of momentum in the bullish zone.
- Daily RSI – The RSI for ETH/USD is now correcting lower from the 70 level.
- Major Support Level – $220
- Major Resistance Level – $248
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