Ethereum market update: ETH/USD resumes the uptrend after the sudden fall

ETH/USD initially corrected towards $300 but formed a high at $272.
There has been a rebound with Ethereum beating the highs at $272.

John Isige FXStreet

Ethereum has been a market leader to the extent of outperforming Bitcoin bull rally. ETH/USD initially corrected towards $300 but formed a high at $272. Ethereum as the market leader is leading the altcoin recovery and experts predict the diminishing of Bitcoin dominance.

The momentum, however, stalled at $272 giving way for a bearish correction. Where Ethereum bulls mission to revenge succeeded in sending Ethereum below the support at $250. The losses extended towards $240 and formed a low at $241.811. There has been a rebound with Ethereum beating the highs at $272.

The bulls appear to be back and sending Ethereum on an upward roll that could soon test $280 before sliding further to $300. Meanwhile, all the pointers are bullish with the RIS almost in the overbought while the MACD making a retreat into the positive region.

ETH/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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