- Ethereum bounces off the weekly low, gains traction against the sellers as it approaches $240.
- ETH/USD is technically inclined to make a comeback above $240 and rally above $250.
Ethereum price is trading at $235 on Sunday, during the European session. The price is below the moving averages in the hourly range. The 50 SMA holds at $236 while the 100 SMA stands at $238. Selling pressure is still present and limiting gains targeting $240 in the short term and $250 in the medium term.
Slightly below the market value is the first support at the 38.2% Fibonacci Level taken between the last swing high at $250 to a swing low at $225.57. An ascending trendline is also in line to provide support. Other support levels include $230, $225, and $210 (according to the daily confluence).
From a technical perspective, Ethereum is mostly in the hands of the bulls especially with the RSI heading towards the midline. Advance towards the overbought region would definitely encourage more buyers to join the market. Gains above $240 would also allow the bulls to shift their focus to $250. The resistance at the 50 SMA and the 100 SMA must, however, be dealt with accordingly to ensure that gains remain the bulls’ cup of tea in the coming week.
ETH/USD 1-hour chart
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.