Ethereum Trend Overwhelmingly Bullish Here’s Why ETH Could Rally Past $300



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Ethereum jumped back above $260 and $270 against the US Dollar. ETH price is now consolidating above $275 and it could soon surpass the $288 resistance area. Since the start of the month, we discussed the chances of Ethereum hitting the $300 level against the US Dollar. Recently, ETH price corrected sharply towards the $230 support and broke the 100 hourly simple moving average. However, it remained well bid above $230 and started a strong rise. It is back above the $260 and $270 resistance levels. Moreover, it surpassed the $280 resistance and settled above the 100 hourly simple moving average. It even spiked above $285, but failed to revisit the $288 resistance area. A swing high is formed near $286 and the price is currently consolidating gains. There was a break below the 23.6% Fib retracement level of the recent rise from the $259 low to $286 high. More importantly, there is a short term contracting triangle forming with resistance near $284 on the hourly chart of ETH/USD. If Ethereum clears the triangle resistance, there are high chances of more gains above the $288 resistance area. In the mentioned case, the price is likely to continue higher towards the $295 and $300 levels. Any further gains could lead the price towards the $308 level. If the price fails to continue above the $288 resistance, it may perhaps correct a few points. However, Ethereum is likely to remain well bid above the $275 and $270 levels. An intermediate support is near the 50% Fib retracement level of the recent rise from the $259 low to $286 high. The main support on the downside is near the $266 level and the 100 hourly SMA, below which the bulls are likely to struggle in the near term. Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone. Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 60 level. Major Support Level – $272Major Resistance Level – $288

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/02/19/ethereum-trend-eth-could-rally-past-300/

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Ethereum Trend Overwhelmingly Bullish Here’s Why ETH Could Rally Past $300: https://www.youtube.com/watch?v=p7cG5dt2bGo

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