Ethereum Price Analysis: ETH/USD Tops Above Falling Wedge Pattern, Is A rally To $250 In the Offing?

Ethereum Price Analysis: ETH/USD Tops Above Falling Wedge Pattern, Is A rally To $250 In the Offing?

  • Ethereum breaks out, stepping above but the journey to $240 and $250 is an uphill task.
  • ETH/USD bounce from $227 (opening value) rides on a key falling wedge pattern breakout.

Ethereum is at the helm of cryptocurrency recovery on Monday following an advance made from $227 (opening value) to highs above $240. Ether is not the only cryptocurrency as in the green; Bitcoin, Ripple and Bitcoin Cash are trading 1.32%, 1.04%, and $2.54% higher in that same order.

As for Ethereum, the price is in the hands of the bulls. However, buyers are still falling short of a catalyst to sustain gains towards the psychological $240. At the time of writing, ETH/USD is trading at $235. The gains are following an incredible breakout above a falling wedge pattern. In addition, buyers are encouraged to increase their entries due to the price trading above the moving averages.

ETH/USD 4-hour chart

ETH/USD price chart by Tradingview

In the event of a reversal, Ethereum is likely to find immediate support at the 50 SMA ($231.02) and the 200 SMA ($228.28) in the 4-hour range. The existing trend is mainly bullish owing to the upward-pointing Relative Strength Index (RSI).

Moreover, the Moving Average Convergence Divergence (MACD) is moving closer to the mean line (0.00) after recovery from the dip to -3.74 on June 15. If the MACD crosses into the positive side of the midline, there is a chance that bulls will refresh the price action towards $240 and $250. Note that, the falling wedge pattern impact could still extend upwards as long it is supported by an increase in volume.

Ethereum Intraday Key Levels

Ethereum: $235

Relative change: 7.32

Percentage change: 3.21%

Trend: Bearish biased

Volatility: Shrinking

Summary
Ethereum Price Analysis: ETH/USD Tops Above Falling Wedge Pattern, Is A rally To $250 In the Offing?
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Ethereum Price Analysis: ETH/USD Tops Above Falling Wedge Pattern, Is A rally To $250 In the Offing?
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Ethereum breaks out, stepping above but the journey to $240 and $250 is an uphill task. ETH/USD bounce from $227 (opening value) rides on a key falling wedge pattern breakout.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 573 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @