Yesterday we wrote that if Ethereum can gain a foothold above the $235 mark, it will rush to the $240 mark. And so it happened. Yesterday, the ETH/USD pair was able to rise above the levels of $235, $240, and reached a maximum of $246,95. At the time of publication, the price of Ethereum is $243,25.
Now the ETH/USD pair is trading above the 100th Moving Average. A break above the $240 mark opened the way to the $250 area. It looks like a bullish flag with a resistance of $244 is forming on the hourly chart of the ETH/USD pair. However, the pair is currently correcting below the daily high of $244.
If the ETH/USD pair manages to gain a foothold above $245 today, it will test the levels of $248 and $250 in the coming sessions. In the case of a successful passage of the mark of $250, we expect the pair to grow to the area of $255.
If the ETH/USD pair fails to gain a foothold above the $245 mark, and the bears try to lower the price, then the immediate support is at $240 and $238 (recent breakout zone). If the bears manage to develop a decline and the ETH/USD pair cannot stay in the support area of $240- $238, it can continue to decline to the area of $234, where the 100 Moving Average is now forming. Any further decline will offset the rise in the price of Ethereum during these days. The return of the ETH/USD pair to $234 seems unlikely at the moment.
Relative Strength Index is formed below 60, maintaining a bullish mood.
Main Support Area - $240- $238
Main resistance level - $245