Ethereum Price Prediction: ETH/USD reclaims $240 drawing nearer to $250
|- Ethereum breaks out above $240 as volatility returns across the crypto market.
- ETH/USD bullish momentum is supported by the RSI and MACD technical indicators.
Ethereum is hanging at the edge of a cliff after stepping above the critical $240. The 50-day SMA is providing immediate support. However, buyers are finding it extremely difficult to hold above $240 due to the low trading volume witnessed across the board. The ongoing bullish action is taking place after confluence resistance discussed on Monday above $239 was overcome.
At the time of writing, Ether is doddering at $240.94. The immediate upside is limited by a descending trendline. If broken, Ethereum is likely to scale the levels above $245 (last week’s main hurdle). Glancing farther up, the ultimate medium milestone to be achieved is a break above $250.
Looking at the crypto’s technical levels, the trend is mainly in the hand of the bulls. This calls for buyers to join the market in order to support the trend with volume. The RSI, for example, is rising above the midline with eyes on the overbought region. Such a move is likely to bring back the volatility to Ethereum markets. The bullish momentum witnessed during the European session is reinforced by the MACD as it crosses into the positive region.
ETH/USD daily chart
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.