Ethereum Market Update: ETH/USD may hit $300.00 by the end of summer

ETH/USD settled above $235.00 during early Asian hours on Monday. The second-largest digital asset has gained over 3% since the start of the day and became one of the best-performing coins out of top-10. At the time of writing, ETH/USD is moving withing a short-term upside trend amid expanding volatility, while some experts bet on a sharp move towards $300.00.

A popular cryptocurrency analyst and full-time trader from the Amsterdam Stock Exchange, Michaël van de Poppe, believes that ETH/USD has a chance to retest says $300 as early as in August or September. He pointed out that as long as ETH stayed above $225, which is considered as a critical support reinforced by the lower line of the daily Bollinger Band, and a potential starting point for a new rally towards $30o within the bullish trend from March's low.

This positive view is shared by John Todaro from BlockTown Capital. He said that Ethereum was poised for a strong rally hard amid explosive growth of DeFi platforms.

ETH/USD: technical picture

From the short-term point of view, ETH/USD recovery is capped by the upper line of the recent consolidation channel of $240.00. Once it is cleared, the upside momentum will gain traction with the next focus on psychological $250.00 followed by $253.47 (June 2 high). This barrier separates the coin from an increase towards the above-mentioned $300.00.

On the downside, Of $225.00 gives way, the local support at $220.00 (daily SMA50) will come into focus. If it is broken, the sell-off may continue towards psychological $200.00.

ETH/USD daily chart