Ethereum price analysis: Eyes on $250 as Tron’s Justin Sun cautions against launching dApps on Ethereum
|- Ethereum revamped the uptrend towards $250 as the market welcomed the widespread gains.
- Ethereum is currently supported at $230 but the buyers have $250 in sight.
Ethereum has been struggling in rough bloody waters in the past couple of months. The cryptocurrency traded lows of $167 early this month. It then stuck below $200 for a while before that spike last week. Using the support at $195, Ethereum embarked on a journey of breaking barriers towards $300. However, it brushed shoulders with $250 before correcting lightly lower over the last weekend.
At present, Ethereum had broken below the rising trendline support and is seeking balance at $230. The 38.2% Fib retracement level with the previous swing high of $254.82 and a swing low of $197.58 is the immediate resistance. The next resistance target is at $240 but the significant hurdles lies at the 23.6% Fib level which coincides with the hourly 50 simple moving average. The bulls have their eyes set on $250, besides a break above the above mentioned major hurdle will open the way further upside movement.
On the downside, the 100 simple moving average is offering immediate support currently at $232.63. However, $230 has been holding the price since the weekend trading and is still strong enough to prevent further declines on Monday.
Still related to Ethereum, the founder of Tron, the 13th largest cryptocurrency in the market has called out to developers to cease creating their decentralized applications on Ethereum platform. He, however, advised them to shift their attention to Tron blockchain. Justine stated via Twitter:
"Yes! Please stop deploying d-apps to Ethereum and migrate to #TRON network immediately! We are 100x faster than #ETH and fully compatible with #ethereum. We 100% guarantee better user experience!”
ETH/USD 1-hour chart
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