Ethereum Price Analysis: Ethereum Price Heads For $280

Ethereum recovers above $240 following Bitcoin price surge to weekly highs above $9,400. ETH/USD hit a wall at $245 once again and delayed a possible triangle pattern breakout. Ethereum price…


  • Ethereum recovers above $240 following Bitcoin price surge to weekly highs above $9,400.
  • ETH/USD hit a wall at $245 once again and delayed a possible triangle pattern breakout.

Ethereum price again proved its correlation to Bitcoin price has grown stronger. The largest altcoin remained motionless even when smaller altcoins were rallying in the first two weeks of July. Ether ignored a possible rally even though its fundamentals were extremely strong. Instead, the price first consolidated around $240 before breaking down to $228 support.


A reversal from the support at $228 coupled with the spillover from Bitcoin’s spike above $9,400, pulled Ethereum past the critical $240. The resistance in the first week of July at $245 still stood its ground, limiting the action targeting $250.

ETHUSD Chart by TradingView

Ethereum bulls also pushed for a breakout above the symmetrical triangle pattern. However, the snag at $245 keeps delaying the much-anticipated symmetrical triangle breakout. A breakout of such stature, if supported by the right volume could easily bring down the resistances at $250, $260 and ground-start a rally targeting $280.

For now, Ethereum is trading at $244 amid a growing bearish grip. If the bulls fail to rise above the immediate resistance at $245, a breakdown to $240 is likely to come into the picture in order to create fresh demand at a lower price.

From a technical perspective, bulls have not entirely lost their balance. Buying pressure is present only that it is not enough to sustain action above $245. The MACD is still in the oversold after crossing above the midline. The RSI is commencing sideways motion, signaling for consolidation at $244. Consolidation is key as long as buyers do not lose sight of the essential triangle breakout as well as the resistance at $250.


Ethereum Key Intraday Levels

Spot rate: $244.20

Relative change: -1.68

Percentage change: 0.68%

Trend: Bearish

Volatility: Shrinking

To get the daily price analysis, Follow us on TradingView

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

Recent Posts

DeFi Mania Continues to Catalyze DEX’s Volume

Decentralized exchanges [DEXs] has recorded phenomenal growth in 2020. And it is not the user…

17 hours ago

CrossFi Solutions Can Overcome the DeFi Hype in Building a Sustainable Future for Decentralized Finance

Decentralized Finance (DeFi) is no-brainer the crypto ‘buzzword’ of 2020, this space has experienced tremendous…

11 hours ago

Security Risks in DeFi (Decentralized Finance)

Decentralized finance has been the talk of the town for the last few months, seeing…

12 hours ago

Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

Bakkt recently had witnessed a peak in the trading volume of physically-settled bitcoin futures on…

17 hours ago

Bitcoin To 10x From These Levels Says Analyst, Predicts Other Giants to Follow MicroStrategy

Business Intelligence Firm MicroStrategy created a massive buzz by announcing BTC purchase worth $425 million.…

17 hours ago

Rubic, A Decentralized P2P Exchange Solving The Scalability Problems On DEFI

Rubic is a decentralized P2P platform that enables users to create, manage, trade, and exchange…

18 hours ago