Ethereum price analysis: ETH/USD breaks past resistance at $250

ETH/USD had a very bullish Wednesday as the price went up from $245 to $257, charting a 4.9% increase in price. Over the day, the price broke past resistance levels at $252 and $256. ETH/USD reached a peak of $260.50 before the bears kicked in and managed to correct the price till $250. Technical analysis shows us that the bearish momentum is decreasing. 

ETH/USD daily chart

• The immediate resistance level on the upside lies at $260.50. If the bulls have enough momentum, then the price should go above $270, which has thwarted the ETH/USD market multiple times.
• The 20-day Bollinger band’s jaw is expanding, showing slightly increasing market volatility.
• The market has found support on the upwards trending line.
• The latest session took the market above the 20-day simple moving average (SMA 20) curve and the SMA 50 and SMA 200 curves.
• The signal line is looking to converge with the moving average convergence/divergence (MACD) line showing decreasing bearish momentum.
• The Elliot oscillator shows 14 straight bearish sessions.
• The relative strength index (RSI) indicator has taken a turn and is trending at 58.75.