Ethereum Price Potentially Rises Towards $280 In A Bullish Pattern

The Ethereum price potentially recovered from the most recent falling to $220 support. The fall came after the unsuccessful bulls that did not manage to break the resistance at $235 for the second time in just four days. At the same time, the support at $230 failed to bear the gains that were accumulated after the formidable recovery from the major support at $210 as we can see in the ethereum latest news.

In the meantime, ETH/USD is traded at $227 as bulls beat on the resistance at the 23.6% Fibonacci level of the last swing high at $290.44 to a swing low of $210. The bullish action on Wednesday has witnessed Ethereum price growing for 1.5% to its value compared to Bitcoin (BTC) 0.62% and Ripple (XRP) 0.57% growth.

Furthermore, as we can see in the ethereum latest news, the ETH/USD pair was hovering under the moving averages where according to the charts, the 50 SMA was standing along with the growth of $230 while the 100 SMA was standing at $247. The price resistance between these levels was standing at $235 so more of the selling traffic is expected at $240. The losses from the previous highs that were seen in February have seen the Ethereum price form a lower high and a low pattern resulting in a formation of the walling wedge pattern.

As the recovery continues for the altcoin and forms a pattern breakout, the impact could spike the price and lead it to a key resistance level at $260 and $280 respectively. For now, the RSI shows a path of sideways resistance and in this case, Ethereum will continue trading under $20 and find a support line at $22 before the breakout so make sure to follow the ethereum latest news. The Ethereum price potentially increases to find another stable resistance level and as per the recent news,

Ethereum core developers are going forward with ProgPOW which is an update for making Ether mining more ASIC resistant so the hard-fork is scheduled for July this year. Let’s read more about it in the following Ethereum latest news today. The Ethereum core developers came to the conclusion that they have to implement ProgPOW and the hardfork is scheduled to happen three weeks after the EIP 1962 which is another update that will add more cryptographic functions to Ethereum. The update is scheduled to go live sometime this summer.