Ethereum Price Analysis: ETH/USD faces the ultimate resistance at $280 amid calls to hit $300
|- Ethereum price is in the hands of the bulls amid calls for advancement above the psychological $300.
- The RSI alongside other technical indicators signal that the bulls have the joystick but the path of least resistance is sideways.
Spot rate: $268
Relative change: -0.4024
Percentage change: -0.15
Trend: Bullish
Volatility: Expanding
ETH/USD daily chart
Ethereum's ongoing bullish action is still mainly dependent on the breakout from a falling wedge pattern whose formation began during the retracement witnessed from June 2019’s highs above $360. The digital asset has risen above key resistance areas in January and February including $140, $260 and $270. However, the sellers’ congestion zone at $280 is proving to be an uphill task. A break past this zone is likely to stir up growth towards $300 and $360 respectively.
ETH/USD 4-hour chart
Ethereum price seems to be settling in a new consolidation range between $260 and $270. This follows a rejection from levels around $275 to $256 on Thursday. A shallow recovery reclaimed the position above $260 but failed to break the resistance at $270. ETH/USD is dancing at $267 while fighting to stay above a short term trendline (dotted). The bulls are largely in control but the push from sellers cannot be ignored. Therefore, identified support areas include the $260, $240, the 50 SMA, $230 and $220.
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