1ΧΒΙΤ

Ether overcame all odds against the US Dollar and Bitcoin to move into the bullish territory. ETH/USD broke key resistances to set the pace for this month.

Technically, the daily chart indicators are moving higher once again, signaling positive bias.

Ether Price Breaks $250.00

June and July were mostly bearish months for Ether as it declined against the US Dollar and Bitcoin. The ETH/USD pair traded as low as $133.78 before starting a recovery, forming a medium term bottom in the process.

Yesterday the pair not only tested the $250.00 resistance, but also managed to trade above $260.00. A new monthly high was formed at $263.94 where sellers emerged.

Looking at the daily chart of ETH/USD, there was a close above a major bearish trend line at $205.00. It is a strong bullish signal for Ether and might push its price further. At the moment, the price is trading near yet another crucial hurdle at $260.00.

There is a possibility of a reaction near the mentioned level, but the recent momentum seems to be favoring buyers. A daily close above $260.00 would open the doors for a move towards $275.00 and $300.00 in the near term.

Ether Price Weekly Analysis Chart

On the downside, there is a connecting bullish trend line at $210.00. If a correction is initiated, the $230.00 and $210.00 levels become important supports.

Dropping down to the 4-hour chart, there was a proper close above a key resistance at $230.00. The stated level is now near the 38.2 percent Fibonacci retracement level of the last wave from the $177.99 low to $263.94 high, serving as a significant support.

The overall trend is bullish for Ether, and the chances of ETH/USD gaining momentum this month towards $300.00 are very high.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Source link



Follow us on Linkedin | Twitter | Facebook