For our cryptocurrency market update today, Ethereum is set to rally over the $300 mark. The digital asset market has always thrilled us over the years. With several of the top coins doing well enough to stay on top just after a brief correction. This time around, from the below analysis, Ethereum price rallied to break the $260 and $265 positions which are resistance levels. The coin has been bullish in the recent trade action. Ethereum price turned bullish in the near team after seeing steady growth in previous sessions.
Ethereum price has been gaining bullish movement against the USD a situation similar to Bitcoin price. ETH price is very likely going to accelerate higher towards $290 and $300 positions which are also resistance points in the near term.
Cryptocurrency Market Update: Ethereum Price Rose Steadily From $230
In the past week, the price of Ethereum started to rise steadily from the $230 position which is a support position against the USD. The ETH/USD pair eventually broke many resistance points, including the $245 and $250 levels. A close above $250 resistance point and the 100 hour SMA. Moreover, Ethereum price rallied above $260 also a resistance point and recently also tested the key position at the $275 resistance level.
There was a swing high at $274.25 and the ETH price is now trading with positive bias. There’s an initial support position near the 23.6% Fibonacci retracement level via the last wave from $252 to $274. Moreover, there is also a major bullish pattern forming with a support point at $265 via the 4-hours chart of the ETH/USD pair. In the event that there’s a downside break under this trend line, the ETH price could break the $262 support point. There’s an intermediate support position near the 50% Fibonacci retracement area via the last wave beginning from $252 to $274.
Cryptocurrency Market Update: $260 is Ethereum’s Main Support Position
Via the chart highlighting trading for the ETH/USD pair, the main support point is on the downside. Which is near $260. This represents the 61.8% Fibonacci retracement position via the recent wave from $252 to $274. Via the upside of the chart, the $275 level remains a crucial resistance area. In the event that there’s an upside break over the $275 area, the price of Ethereum could rally further over the $280 area.
Cryptocurrency Market Update: Chances of an Upside in Near Term Remain as Long as Prices Stay Above $260
From the above chart, we can see that Ethereum’s price is clearly trading over a strong position above the $265 and $260 areas. As long as the Ethereum price is above $260, the chances of more upsides occurring in the near term remains a possibility. The next key resistance point should be above $275 and near the $288 area. If the price of Ethereum continues to rise, it could break the $300 point in the coming trading sessions. The next major price hurdles for the Ethereum bulls is near $310 which is a support position.