Ethereum price analysis: ETH/USD technicals suggest strong breakout past $250

  • ETH/USD explored the levels to the south shuttering several support areas including $250 and $240.
  • Ethereum continues to range between $250 resistance limit and $240 support limit following the recovery.

Ethereum is trading above the levels in plunged to during the last weekend session. ETH/USD explored the levels to the south shuttering several support areas including $250 and $240. The losses stretched below $230 before finding solace just above $225.

The entire market dipped as well with Bitcoin trading close to $7,500 while Ripple tested the support at $0.37. Consequently, the market has recovered slightly with of the digital assets trading close to last week’s levels.

Ethereum, for example, rebounded initially above $230. This allowed the bulls to push for more gains clocking $235 resistance and eventually assaulting $240 following a brief surge on Monday in an engulfing candlestick. Unfortunately, the momentum weakened below $250 with $240 functioning as strong short-term support.

Meanwhile, Ethereum continues to range between $250 resistance limit and $240 support limit. The price is above the moving averages, which suggest a stronger bullish pressure. Besides, the RSI at 61 is trending horizontally, in turn, confirming the strong bullish influence. This is in addition to the MACD sitting well in the positive region.

ETH/USD 1-hour chart

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