Key Highlights

Ethereum price is consolidating gains against the US Dollar and bitcoin. ETH/USD could trade higher once there is a break above the $250-254 zone.

After trading above the $250 level, ETH price started a short-term consolidation against the US Dollar. The ETH/USD pair formed a high near $254 and corrected below the $240 level recently. There was a break below the $235 level as well, but the price found support near $232. Later, the price started a recovery and moved above the 50% Fib retracement level of the last decline from the $254 high to $232 low.

The upside move found resistance near the $247 and $250 levels. Buyers defended more gains and the price remained below $250. Moreover, buyers failed to push the price above the 61.8% Fib retracement level of the last decline from the $254 high to $232 low. At the moment, there is a new contracting triangle forming with support near $240 on the hourly chart of ETH/USD. The triangle is about to provide the next move either above $247 or below $240. Below $240, the price may perhaps retest the $232 low. On the other hand, a push above the $247 and $250 resistance could spark more gains.

Looking at the chart, ETH price could accelerate higher once there is a break above $250. The next target for buyers may be $254, above which the price may trade towards the $265-270 zone in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $240

Major Resistance Level – $250

The post Ethereum Price Analysis: ETH/USD Eyeing Break Above $254 appeared first on NewsBTC.

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