{"id":428197,"date":"2020-06-23T08:28:53","date_gmt":"2020-06-23T08:28:53","guid":{"rendered":"https:\/\/wncen.com\/?p=428197"},"modified":"2024-06-11T13:06:47","modified_gmt":"2024-06-11T13:06:47","slug":"ethereum-indicators-point-to-upsides","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-indicators-point-to-upsides\/","title":{"rendered":"Ethereum Just Saw Technical Breakout, Indicators Point To More Upsides"},"content":{"rendered":"
Ethereum is up more than 4% and it surged above the $240 resistance against the US Dollar. ETH is currently showing a lot of bullish signs and it is likely to accelerate above $250.<\/em><\/p>\n Yesterday, we discussed the chances of an upside break in Ethereum price<\/a> above the $240 resistance against the US Dollar. ETH did gain traction above the $240 resistance and settled well above the 100 hourly simple moving average.<\/p>\n It opened the doors for more gains and the price broke the $245 level. Ether traded close to the $250 level and an intraday high is formed near $248. The price is currently correcting lower and trading below the $245 level.<\/p>\n It broke the 23.6% Fib retracement level of the recent rally from the $227 low to $247 high. It seems like there is a bullish flag pattern forming with resistance near $244 on the hourly chart of ETH\/USD.<\/p>\n <\/a><\/p>\n The first key support is seen near the $240 and $238 levels (the recent breakout zone). The 50% Fib retracement level of the recent rally from the $227 low to $247 high is also near the $238 level.<\/p>\n On the upside, ether price is likely to clear the channel resistance at $244. If the bulls succeed in gaining momentum above $245, there are high chances of more gains above the $248 and $250 resistance levels<\/a>. The next target for the bulls could be $255 or even $262.<\/p>\n The $238 level is likely to act as a major support. If Ethereum fails to stay above $238, it could extend its decline towards the $234 support level and the 100 hourly simple moving average.<\/p>\n Any further losses below the $234 support zone could negate the current bullish view. In the mentioned case, it could decline back towards the $225 support.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price Rallies 4%<\/h2>\n
Ethereum price trades above $240. Source: TradingView.com<\/a><\/pre>\n
Dips Supported in ETH<\/h2>\n