New analysis in the Ethereum latest news shows that the coin is now trading in a positive zone above $240 and $242 against the US dollar. If the uptrend continues, we could see an Ethereum price above $250 which would make it easier for ETH to reach the $300 mark that is desired by traders.
In the past few sessions, we could notice a steady rise above $240 from the token against the US dollar. ETH price tested the $245 levels yesterday before it initiated a downside correction.
Later on, the price corrected a few points but remained stable above $240 and the 100 hourly simple moving average. Fresh support base was formed and this is how the price of the token started a fresh increase above $240.
More importantly, we could spot a break above a bullish flag pattern. This now suggests that the Ethereum price above $250 could form a bullish momentum and even open the doors for more gains, climbing higher above $260 and $270 on its way to $300.
Now, a high is formed near $249 and the price of the coin is consolidating the gains in the latest cryptocurrencies news. An initial support is also near the $247 level, which is close to the 23.6% Fib retracement level of the recent wave from a $242 swing low to a $249 high.
There is also another key bullish trend line which is forming with support near $244 on the same chart. The trend line here coincides with the 50% Fib retracement level of the recent wave from a $242 low to a $249 high, which benefited Ethereum traders this week.
On the upside, we can see a crucial upside break above the $250 level, and the Ether price is likely to accelerate higher once there is a daily close above the $250 resistance. On the downside, the $244 level is a strong support zone.
Whatever comes next in the ETH news, we can see that the Ethereum price above $250 is a good indicator of further acceleration – once there is a daily close above the $250 resistance levels. On the downside, the $244 level is a strong support zone and failing to stay above it could mean new problems for the second largest coin out there.
- Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 60 level, keeping up with a positive momentum.
- Major Support Level – $244
- Major Resistance Level – $250
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