Ethereum is up more than 5% today and it is trading above the $235 level against the US Dollar. ETH price is likely to surge towards the $285-$300 if it clears the $248 resistance zone.
- Ethereum is surging and it recently broke the $220 and $230 resistance levels.
- The price is now trading well above the $220 pivot level and the 100-day simple moving average.
- There was a break above a crucial bearish trend line with resistance near $208 on the daily chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher towards the $285 if it clears the $248 hurdle.
Ethereum Price Is Signaling More Gains
In the past few days, there was a strong rise in Ethereum above the $205 resistance against the US Dollar. ETH price even outperformed bitcoin and gained more than 10% in the past few sessions.
During the rise, there was a break above the 61.8% Fib retracement level of the main decline from the $288 swing high to $90 swing low. The bulls took over the market and they were able to push the price above the $200-$205 resistance zone.Dips Supported in ETH
If Ethereum fails to clear the $248 resistance level, there could be a short term downside correction. An initial support is near the $225 and $220 levels. The first major support is now near the $205 level and the broken bearish trend line. Any further losses may perhaps lead the price towards the $190 zone and the 100-day simple moving average. Technical IndicatorsDaily MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Daily RSI – The RSI for ETH/USD is currently correcting lower from the 70 level.
Major Support Level – $220 Major Resistance Level – $248 Risk disclaimer: 76.4% of retail CFD accounts lose money.