Ethereum Price Prediction: The break of these two key trendlines shows ETH/USD is gearing up for a move towards $250


  • ETH/USD is up 3% in the last 24 hours setting a daily uptrend and climbing above EMAs.
  • Two major trendlines have been broken which indicates Ethereum has strong bullish momentum.

Ethereum is currently trading at $235 after a significant bull move climbing above the daily 12-EMA at $229.63 and the 26-EMA at $229.8. ETH/USD also cracked the $232.80 resistance established on July 1 as the last daily high which means the digital asset is now inside a daily uptrend. 

Two major trendlines were broken, Ethereum is free to run towards $250

ETHUSD

The first trendline was formed on the ETH/BTC chart all the way back in February 2020. Ethereum tried to crack this resistance line two times in the past but was rejected heavily on the same day. The current breakout is robust but the bulls still need to close above the trendline. 

ethusd

The second trendline was painted inside the Ethereum dominance chart. Similarly, Ethereum tried to break free from the trendline on June 24 but got rejected. ETH is currently trading above the trendline and 10% dominance. 

A clear close above both of these trendlines will indicate a powerful bullish reversal. At the same time, ETH/USD is now inside a daily uptrend and facing very little resistance until $250. The daily MACD is also turning positive and both daily EMAs are on the verge of a bull cross.

ETH/USD daily chart

ETHUSD

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin difficulty ribbon flashes buy signal

BTC is trading around $10,715 and sitting on top of the $10,700 support level. The buyers need to do everything that they possibly can to defend this level. If the sellers break below this level, the price can plummet to $9,700 before it meets another healthy support.

More Bitcoin News

BNB could retrace to $25 in the short-term despite uptrend

BNB outperformed the market during September jumping to $33 after several positive announcements from Binance. The rally didn’t last too long, and the digital asset quickly fell to ...

More Binance News

Chainlink Price Analysis: LINK goes through consolidation, preps for a breakout

LINK broke above the downward trending line this Thursday and is currently trending horizontally between the $10 support line and the SMA 20 curve. This indicates that LINK is presently in a ...

More ChainLink news

Theta Price Prediction: THETA poised for a healthy pullback before resuming uptrend

THETA has been trading inside a robust uptrend for the past four months and hit a new all-time high at $0.76 on September 28. Its market capitalization has grown from $46 million on March 16, to a current high of $640 million.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP