Ethereum market update: ETH/USD stalls short of $290 – bears in action
|- Ethereum short-term target is $300 while $400 seems to be within reach in the second half of the year.
- If the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum.
Ethereum bulls are intent on pushing the price to new 2019 highs. Their short-term target is $300 while $400 seems to be within reach in the second half of the year. The price recently corrected from the support congestion zone at $260 - $262 and stepped above the resistance at $270. Trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 15’ saw the bulls rally forces pulling the price upwards in successive engulfing candles.
ETH/USD ground to a halt after forming a high at $288.15 during the Asian trading hours on Thursday before consolidating above $280. The intraday charts show Ethereum having jumped 4.7% on the day. Besides, there is building bullish momentum above the support at $280.
On the upside, the first resistance is $285 (resistance congestion zone). The second hurdle is $287.5 (resistance congestion zone) while $290 is the third resistance zone. Looking at the Relative Strength Index (RSI), we see Ethereum having hit overbought levels earlier today as a bearish indicator.
The RSI rejection from the region shows that Ethereum dips below $280 are likelily unstoppable in the coming sessions today. However, if the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum and the upwards trend above the trendline and the moving average making $300 a possibility in the short-term.
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