Ethereum Smashes Heavy Resistance Here’s What Could Propel it to $250

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Published Jun 22, 2020

Ethereum is up around 2% and it broke the $232 resistance against the US Dollar. ETH has likely moved into a positive zone and it could continue to rise towards $240 or even $250. After forming a strong support base above $225, Ethereum price started a fresh increase resistance against the US Dollar. ETH spiked above the $230 resistance from the $222 swing low to move into a positive zone. The bulls gained strength above the $232 resistance and the price settled well above the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD. Ether tested the $235 resistance and it is currently consolidating gains. An initial support is near the $233.50 level or the 23.6% Fib retracement level of the recent surge from the $227 low to $235 high. The main support is now near the $232 level. It is close to the recent breakout zone and coincides with the 50% Fib retracement level of the recent surge from the $227 low to $235 high. On the upside, the $235 level is an immediate resistance level. The current price action suggests that ether could rise further above $235. The next key resistance is near the $240 level, above which the price is likely to grind higher towards the $250 resistance zone in the near term. The $232 level is likely to act as a strong support for Ethereum, followed by $230. If the bulls fail to defend the $230 level, there is a risk of a sharp decline. The next key support is near the $225 level, below which the price could continue to decline towards the $218 and $215 levels. Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining traction in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with bullish signs. Major Support Level – $230Major Resistance Level – $235Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/06/22/ethereum-eth-could-propel-to-250/

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Ethereum Smashes Heavy Resistance Here’s What Could Propel it to $250: https://www.youtube.com/watch?v=__EuH7tOkDA

Kategorien: ethereum Kryptowährung

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Ethereum Smashes Heavy Resistance Here’s What Could Propel it to $250

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