Ethereum Price Analysis: ETH/USD Gazes Towards A Breakout $300, Why Are Ether Options Surging?

01 Jun, 2020 Updated 21 Jul, 2022

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Ethereum options market gain traction as anticipation for ETH 2.0 launch continues to grow.
ETH/USD renews the bearish pressure under $240 after resistance at $242 (intraday high).

Ethereum price is among the best performers in the cryptocurrency market on the day. The weekend session was very eventful, especially for bulls as they extended the price action above $240. However, the critical $250 level was not tested, resulting in a break under below $240.

In the meantime, Ether is valued at $238.11 while dealing with the resistance at the 61.8% Fibonacci retracement level of the last swing high of $287.28 to a swing low of $101.02. If buyers manage to reclaim the position past $240, the trend towards $250 and later $300 could be renewed.

Ethereum Options Surging

Ethereum options market continues to gain traction on supporting cryptocurrency exchanges. The options on Deribit and OKEx exchanges recently hit all-time highs. The growth in the options is attributed to the anticipated Ethereum 2.0 upgrade. It is believed that this upgrade, also known as Serenity will make Ethereum stand out among its peers. For instance, the network will be able to support over 1,000 transactions per second, allow the staking of Ether, and migrate to the Proof-of-Stake algorithm.

Ethereum Price Technical Analysis

Ethereum is dealing with increased seller congestion at $240. The longer the price stays under this level, the stronger the bears become. According to the RSI, buyers are currently in control but they lack a catalyst to pull upwards. Moreover, other buyers are not yet convinced that Ethereum can sustain gains above $240 due to the low volume. The Elliot Wave Oscillator hints that bullish action could continue in the course of the trading on Monday.

ETH/USD daily chart

Ether Intraday Key Levels

Spot rate: $236.80

Percentage change: 2.12%

Relative change: 5

Trend: Bearish

Volatility: Low

High: $242.26

Low: $230.60

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.