- Ethereum surged by 15% over the past week of trading as it reaches $243.
- The coin broke above an ascending triangle pattern to end the consolidation during the week.
- Against Bitcoin, Ethereum has broken the upper boundary of a wide symmetrical triangle.
Key Support & Resistance Levels
Support: $240, $225, $220.
Resistance: $245, $250, $265.
Support: 0.025 BTC, 0.0243 BTC, 0.0239 BTC.
Resistance: 0.0255 BTC, 0.0259 BTC, 0.0263 BTC.
ETH/USD: Ethereum In A Battle With $250
After breaking the upper boundary of the previous ascending triangle at $215, ETH went on to surge higher into the $250 resistance.
A break above $250 would help to push ETH back toward the 2020 high at $287, but it would need to contest resistance at $265 and $280 before reaching $287.
ETH-USD Short Term Price Prediction
Looking ahead, the first level of resistance lies at $245 (bearish .786 Fib Retracement). This is followed by $250. Beyond $that, added resistance can be expected at $265 (bearish .886 Fib Retracement), $274, and $280.
Toward the downside, the first level of support lies at $240. Beneath this, support is located at $225, $220, and $215.
The RSI is above the 50 line to indicate strong bullish momentum. However, the Stochastic RSI produced a bearish crossover signal, which could indicate increasing selling pressure.
ETH/BTC: ETH Battling With Upper Boundary Of Symmetrical Triangle.
Against Bitcoin, Ethereum managed to push up above the resistance at 0.025 BTC and break above the upper boundary of a wide symmetrical triangle that has been in play throughout 2020.
This positive breakout should allow ETH to continue higher against BTC and head toward the February high at 0.0278 BTC.
ETH-BTC Short Term Price Prediction
If the bullish pressure continues to push ETH above 0.0255 BTC, resistance is located at 0.0259 BTC (bearish .786 Fib Retracement & April highs). Above this, resistance lies at 0.0263 BTC and 0.0266 BTC (bearish .886 Fib Retracement).
On the other side, support is located at 0.025 BTC, 0.0245 BTC (.236 Fib Retracement), and 0.0239 BTC. Added resistance lies at 0.0235 BTC (.382 Fib Retracement), and 0.023 BTC.
The RSI is also within the bullish favor as it trades well above 50. If it can remain in this area, ETH can be expected to continue further higher.
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Cryptocurrency charts by TradingView.