Ethereum Price Forecast: ETH/USD stages a recovery from the dip; eyes on $250
|- Ethereum recovery on Thursday hit a wall at $250 amid a general retreat in the cryptocurrency market.
- Support at $230 is vital for gains towards $240 and $250 but lower support areas include $225 and $220.
Ethereum price tumbled below the week’s support range support at $240. Prior to the losses, the price corrected above $240 on Thursday and even tested the resistance at $250. The rejection that ensued sent Ether below various support zones including $240 and $235. The support at $230 saw the price bounce upward during the Asian session on Thursday. At the time of writing, ETH/USD is teetering at $233 as the bulls’ nurture an uptrend targeting $240.
In the near term, the technical picture shows that Ethereum could first entertain consolidation above $230 before a significant recovery comes into action. The consolidation is confirmed by the RSI and the MACD.
The price is above the moving averages as an indication of a higher bullish influence. Moreover, the gap made by the 50 SMA above the 200 SMA suggests buyers have the upper hand. Gains towards $250 will depend on the ability to correct above $240 and establish higher support just like earlier this week.
Ethereum confluence resistance and support levels
The confluence detector place Ethereum between stacks of resistance and support levels. The initial hurdle keeping recovery at is observed at $237 while a break above $240 must brace itself for a battle at $244 before grinding closer to $250. On the downside, the tool shows that initial support at $232 will continue to stop declines towards $230. Other key support areas include $225 $225 and $210.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.