Ethereum Price Analysis: ETH/USD consolidates weekly gains near $240
- Ethereum rose sharply on Saturday, gained more than 10%.
- ETH/USD remains on track to close the week around 20% higher.
Ethereum (ETH/USD) surged higher on Saturday and touched its highest level since early March at $247 before closing the day with a daily gain of 10% at $243. The pair, however, has struggled to preserve its momentum on the last day of the week and gone into a consolidation phase. As of writing, Ethereum was down 1.85% on the day at $240. Despite Sunday's correction, the pair remains on track to close the week around 20% higher.
Technical outlook
The daily Relative Strength Index (RSI) rose above 70 on Saturday and edged lower on Sunday, suggesting that Ethereum is staging a technical correction after turning overbought. Nevertheless, the near-term bullish outlook remains intact and the pair could target the critical $250-$252 area (psychological level/March 7 high). Beyond that area, Ethereum could extend its rally to $267 (February 25 high).
On the other hand, supports are located at $220 (May 30 low) ahead of $210 (20-day SMA) and $200 (psychological level).
ETH/USD daily chart
Additional technical levels
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
