Tuesday, June 18, 2019
BitAeon.io

Ethereum (ETH) Price Rallies Above $260: Turned Buy On Dips

This post was originally published here

ETH price started a strong upward move after it broke the key $250 resistance against the US Dollar.The price even broke the $255 and $260 resistance levels to move into a positive zone.There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).The pair is correcting lower, but dips remain supported near the $255 and $252 levels.Ethereum price rallied recently with a positive momentum versus the US Dollar, similar to bitcoin. ETH price is now trading with a bullish bias and dips remain supported on the downside near $255.Ethereum Price AnalysisAfter forming a support base near the $240 level, Ethereum price broke the $245 resistance against the US Dollar. The ETH/USD pair gained bullish momentum after it broke the $250 resistance and the 100 hourly simple moving average. The bulls took control and pushed the price above the $255 and $260 resistance levels.As a result, the price traded to a new weekly high above the $260 level at $264. The price traded close to the $265 level and it is currently correcting lower. At the moment, the price is correcting lower below $260 and the 23.6% Fib retracement level of the recent wave from the $246 low to $264 high. On the downside, there are many support near the $255 and $252 levels.An initial support is at $255 and the 50% Fib retracement level of the recent wave from the $246 low to $264 high. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $246 low to $264 high.Therefore, if the price corrects lower, it is likely to find a strong buying interest near the $255 and $252 levels. A break below the trend line might push the price back towards the $250 pivot level. On the upside, an initial resistance is near the $262 and $264 levels. A clear break above the $265 level might call for a test of $275.Looking at the chart, Ethereum price is clearly trading with a positive bias above the $255 and $250 support levels. As long as there is no close below $250, the price is likely to grind higher in the coming sessions.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is currently moving in the bullish zone, with a few negative signs.Hourly RSI The RSI for ETH/USD is currently well above the 60 level and is correcting lower.Major Support Level – $255Major Resistance Level – $265

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Name Price24H (%)
Bitcoin (BTC)
$9,209.00
-0.75%
Ethereum (ETH)
$268.38
-1.56%
XRP (XRP)
$0.436328
0.63%
Litecoin (LTC)
$131.55
-3.33%
Stellar (XLM)
$0.126900
-1.74%
Monero (XMR)
$96.79
-1.57%
EOS (EOS)
$6.94
-2.22%
Bitcoin Cash (BCH)
$419.02
-4.24%

TOP REVIEWS

The 3 Best Bitcoin Cloud Mining: Reviews & Recommendations

BTC Cloud Mining Reviews: Bitcoin (And Altcoins) Mining & Income Made Easy! In this article, we take a deep dive into Bitcoin cloud mining and...
- Advertisment -Btrz jokerbtc 250x250 en