Ethereum price is gaining bullish momentum above the $250.00 area vs the US Dollar. ETH to USD is likely to continue higher towards the $280.00 resistance in the near term.
Key Takeaways: ETH/USD
- Ethereum price is up more than 20% this week and broke the key $231.20 resistance against the US Dollar.
- To start the uptrend, ETH/USD surpassed a key bearish trend line at $224.50 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is also rising and it now trading above the $10,300 level.
Ethereum Price Analysis
Looking at the 2-hours chart, Ethereum price settled nicely above the $200.00 area and the 50 simple moving average (2-hours, purple). The bulls remained in action above $210.00 and $220.00 levels.
Besides, ETH/USD surpassed a key bearish trend line at $224.50 on the same chart. As a result, there was a sharp increase above the $231.20 and $240.00 resistance levels. The recent rise was such that the price even surged above the $250.00 level.
It traded to a new 2020 high at $258.80 and it is currently consolidating gains. An initial support is near the $252.00 level. The first key support is seen near the $248.00 area.
Besides, the 23.6% Fib retracement level of the recent rally from $213.51 to $258.80 is also near the $248.10 level. If there are more losses, Ethereum price might dip towards the $244.00 area.
The next major support is near the $236.50 level since it is close to the 50% Fib retracement level of the recent rally from $213.51 to $258.80. On the upside, the bulls are likely to aim a strong rise above the $260.00 level.
In the mentioned case, Ethereum is likely to test the $280.00 area. Any further gains is likely to lead the price towards the $295.00 and $300.00 levels in the coming days.