{"id":428331,"date":"2020-06-24T08:08:11","date_gmt":"2020-06-24T08:08:11","guid":{"rendered":"https:\/\/wncen.com\/?p=428331"},"modified":"2024-06-11T14:04:20","modified_gmt":"2024-06-11T14:04:20","slug":"ethereum-eth-eyes-larger-uptrend-300","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-eyes-larger-uptrend-300\/","title":{"rendered":"Ethereum Above $250 Could Spark A Larger Uptrend To $300"},"content":{"rendered":"
Ethereum is trading in a positive zone above $240 and $242 against the US Dollar. ETH is likely to climb above the $250 resistance, which might start a strong uptrend.<\/em><\/p>\n In the past few sessions, there was a steady rise above $240<\/a> in Ethereum against the US Dollar. ETH price tested the $245 level yesterday before starting a downside correction.<\/p>\n The price corrected a few points, but it remained stable above the $240 level and the 100 hourly simple moving average. A fresh support base was formed and the price started a fresh increase above $240.<\/p>\n More importantly, there was a break above a bullish flag pattern with resistance near $244 on the hourly chart of ETH\/USD. It opened the doors for more gains and the price climbed higher above $246. It again tested the $248-$250 resistance zone<\/a>.<\/p>\n A high is formed near $249 and the price is currently consolidating gains. An initial support is near the $247 level. It is close to the 23.6% Fib retracement level of the recent wave from the $242 swing low to $249 high.<\/p>\n <\/a><\/p>\n There is also a key bullish trend line forming with support near $244 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent wave from the $242 swing low to $249 high.<\/p>\n On the upside, ether price seems to be eyeing a crucial upside break above the $250 level. It seems like the price is likely to accelerate higher once there is a daily close above the $250 resistance.<\/p>\n On the downside, the $244 level is a strong support zone. If Ethereum fails to stay above $244, there could be an extended decline in the near term.<\/p>\n The next key support could be $240, below which the price is likely to test the 100 hourly simple moving average in the coming sessions.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price Eyeing Crucial Upside Break<\/h2>\n
Ethereum price tests $250: Source: TradingView.com<\/a><\/pre>\n
Dips Likely to be Limited in ETH<\/h2>\n