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    Ethereum Price Analysis: ETH Surging Towards $280 and $300

    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

    After forming a strong support base, Ethereum price started a strong rise above the $200.00 area. Similarly, there were strong gains in ripple, bitcoin cash and EOS in the past couple of days.

    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.

    Live Ethereum (ETH) Price:

    1 ETH/USD =$263.1683 change ~ -6.70%

    Coin Market Cap

    $28.89 Billion

    24 Hour Volume

    $3.33 Billion

    24 Hour VWAP

    $276

    24 Hour Change

    $-17.6342

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    Avatar
    Aayush J
    Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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