The price of Ethereum is featured in the coming altcoin news for its relatively good performance. Ether surges as we speak – but the real test now lies in the near term future.
As soon as it started a steady rebound above the $240 and $245 resistance levels against the US Dollar, the price of Ether traded close to the $250 resistance area before consolidating to $246 which is its current price level.
After trading to a new swing low at $226, the price of Ethereum started a steady recovery against the US Dollar. The pair traded above the $230 and $235 resistance levels, moving into a positive zone. As Ether surges, it is found to be coming close to the $250 mark with a positive 50% Fib retracement level of the major decline from the $255 high to $226 low.
During this climb, there was a break above a key bearish trend line with resistance near $237 on the hourly chart of ETH/USD. Finally, the bulls pushed the price above the $245 level and the 61.8% Fib retracement level of the major decline from the $255 high to $226 low. In the other altcoin news, we are also seeing a positive price action recorded by Ripple (XRP) and other major altcoins.
On the upside, as Ether surges, an initial resistance is at 8 and 0 above which the price might recover further.
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The main challenge for the bulls, however, is near the $255 – seen as a psychological level which is needed for a positive zone to be settled. Conversely, if the price fails to move around $250 or $255, we could see a fresh decline.
The latest cryptocurrency news show a chart where the Ethereum price seems to be trading nicely above the $245 level. As long as there is no close below $240, there are chances of a further upsides in the near term.
- Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone, but with less negative signs.
- Hourly RSI – The RSI for ETH/USD is currently well above the 50 level and is correcting lower.
- Major Support Level – $240
- Major Resistance Level – $255
The price action looks consistent right now. While Ether surges, a new positive influx of money is added to the market which may soon trigger a new bull run, as many analysts hope.
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