- Ethereum explodes towards $250 one more time this week as bulls take up more positions.
- ETH/USD outshines other major cryptos on Wednesday including Bitcoin and Ripple.
Ethereum has not only resumed the uptrend from the opening value of $243 but also is focused on breaking the psychological hurdle at $250. The second-largest cryptocurrency is up 2% on the day to dance at $250 at the time of writing. All the eyes are glued on $250 because trading above this zone would encourage more buyers to join the market in anticipation of $260 and $280 respectively.
For now, the trend is solely in the hands of the bulls as observed with various technical indicators including the RSI and the MACD. As the RSI moves higher within the overbought region, the bullish grip on the price becomes stronger. MACD is not just in the positive region but featuring a visible bullish divergence. In other words, the path of least resistance is to the north.
Possible Double-top pattern
In spite of the impressive move on Wednesday, Ethereum is not entirely in the clear. There is the possibility of a double-top pattern forming at $250. This means that buyers will need to work extra hard to sidestep the technical pattern which usually leads to a reversal from an uptrend. In the event the pattern gets its way, expect Ether to slide back to the support at $240.
However, the current session will continue to favor the bulls until a significant wall rises up. Levels at $245, the 100 SMA, 50 SMA and $230 are expected to function as support areas in case bears have their way or simply traders decide to take profits.
ETH/USD 4-hour chart
 (42)-637285723281402033.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?