Ethereum Price Analysis: ETH/USD Could Get To $300 Level Once Again
On February 19, a short-term downward trend formed on the Ethereum cryptocurrency market again. However, the ETH rate slightly went beyond the bullish trend, and the ETH/USD should rise to $ 300 by February 27.
Key Points
⦁ Buyers failed to gain above the resistance of $ 286.
⦁ Over the past day, ETH/USD has decreased by almost 5%.
⦁ On the hourly chart, an uptrend line was broken with support of around $ 280.
This week, the Ethereum rate pushed off from the pivot point twice – $ 286. The first time the ETH price fell to $ 236, and the second time to $ 252. In both cases, the coins were bought at low levels in a few minutes. These facts indicate a positive trend.
During the fall in ETH value from $ 280 to $ 252, sellers broke through the support of $ 275 and $ 270. The virtual currency rate has fixed in the range below the average for 100 hours. Moreover, now cryptocurrency is trading below 50% Fib recorded during the last pump from $ 243 to $ 286.
When Will Ethereum Rate Begin Rising?
On February 20, the ETH rate crossed the bullish trend line that arose on February 4. The same thing happened on February 17th. If we draw an analogy, then the price of the coin will begin to rise on February 20 and will reach $ 300 by February 27. The upward movement will meet resistance at the pivot point of $ 286. With high probability, the bulls will break this barrier on the third attempt, and the path up will be open.
If on February 20 the price of Ethereum does not return to the upward trend, then we need to take into account the negative scenario. The value of the coin will easily overcome support at $ 255 and $ 250 and drop to $ 240. In case of breaking through the last barrier, the bears will dump up to the key support zone – $ 230.
Technical indicators:
⦁ 4-hours MACD is in the area of a bearish trend.
⦁ 4-hours RSI is above 40 (in the neutral area).
⦁ The main support level is $ 250.
⦁ The main resistance level is $ 270.
Source: en.bit.news
