- Ethereum is set to surge strongly above $250
- ETH price is moving in an uptrend above $230
- Failure to stay above $245 and $250 will trigger a fresh drop
Ethereum news today – the price of ETH is trading above the $240 and $230 areas both of which are support levels. The ETH price appears to be gearing up for a strong surge which will take it above the resistances at $250 and $255. The price of Ethereum is trading in an uptrend ahead of the $230 support against the USD.
If there is a successful close above $250, we can expect a significant upward action for the asset. There’s a major contracting triangle that has resistance at $245 via the 4-hour chart of the ETH/USD pair. The trading pair could correct lower too but all dips will likely remain bid at the $230 and $228 levels. It is assumed that the price of ETH could rally again.
Ethereum Price Will Likely Rally Again
During the past week, the Ethereum price spiked above $250 which is a resistance against the USD. ETH price also traded as high as the $253 area. Later on, it started a downside correction that took it further below the $240 area of support. The price of ETH dropped below $235 and $230. However, the coin found strong support at $225 and the 100-day simple moving average via the 4-hour chart.
Ether also climbed above the $235 level again and recovered its losses. It also traded higher the 50% Fib retracement via the downward move from $253 to $230. The digital asset is now struggling to move past the $244 and $245 resistances. There is a major contracting triangle with resistance close to the $245 via the 4-hour chart of the ETH/USD pair. The 61.8% Fib retracement from $253 to $230 is also near the $245 region. Therefore, if the price of Ethereum clears the $245 which is resistance, it could extend its rise above $250 which is resistance as well.
Should We Expect More Downsides in ETH?
There is an immediate resistance area near the $253 high. Above this point, there is a high chance of sustained upward action to $260 and $265 in the near-term outlook. If the price of Ethereum fails to continue its movement above $245 and $250, there will probably be another drop. There is initial support near $232. The main support is $230 and the 100-day SMA via the 4-hour chart. If the price of ETH fails to stay above $230, the bears will take control, and prices might dive to $220. MACD for ETH/USD is set to move into the bullish region. There are major support and major resistance at $230 and $250 respectively.