Ethereum Price Analysis: ETH/USD bullish reversal Above $270 has eyes on $300
- Whale Alert reports a $7 million transaction in Ethereum from Gemini exchange.
- Ethereum struggles to hold above the support at $270 amid attempts to advance to $300.
Ethereum bulls are fighting to hold on to the support at $270 after a rejection from highs around $275. The buyers are keen not to lose the ground above $270 which could shove them towards the former resistance (now support) at $260.
At the time of wring, Ether is trading 1.8% higher on the day. The action during the Asian session on Thursday was mostly bearish. However, the price appears to be catching momentum to jumpstart the European session.
$7 million in Ethereum leaves Gemini exchange
According to a Whale Alert, a platform that monitors the crypto industry’s colossal transactions, over $7 million in Ethereum left Gemini exchange to an identified wallet. Whale Alert did not find the reason by such a large amount of coins being transferred to an unknown wallet.
Ethereum price analysis
Ethereum is exchanging hands at $271 at the time of writing. The price has adjusted from the Bollinger Band upper curve. The volatility has remained high but relatively constant. A sideways moving RSI signals that consolidation is likely in the coming sessions. If the support at $270 fails to hold, the BB 1-hour middle curve will come in handy to put a stop to the losses. However, advancement above $270 will continue to keep the psychological $300 in sight.
ETH/USD 1-hour
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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
