Ethereum Technical Analysis: ETH/USD Flashing Formidable Buy Signs In Anticipation For $250

Ethereum is changing the technical picture from the weakness experienced last week to a show of strength in the new week. The weekend session saw ETH/USD not only hold above the support at $232 but also pull the price closer to the short term resistance at $240.

At the time of writing, Ether is trading at $238 after hitting a wall at the descending trendline. In spite of the retreat, Ethereum is displaying a strongly bullish picture with the ability to take down the resistance at $240 and pave the way for gains eyeing $250.

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Technically, the Ethereum price is ripe for lift-off as observed by both the RSI and the MACD. The former is holding above 70 highs at 80 (recorded over the weekend). A closer study of the RSI shows the indicator starting to point north as a signal for the bullish grip becoming stronger.

ETH/USD 1-hour chart

Looking at the MACD, we can easily tell that buyers are in the driver’s seat and the only thing holding them back from $250 is the delay in pushing the throttle level upwards. Moreover, the bullish divergence highlights the presence and influence of the bulls in the market.

It is apparent that a break above the coveted $240 will certainly call more bulls into the market as they anticipate gains towards $250. On the flip side, support is envisioned in several areas in the case of a reversal. Initially, ETH/USD will seek refuge at $230, the 21 EMA at $236.18, the 50 EMA at $235.38, the aforementioned $232 and last week’s support at $228.

Read more: Ethereum Price Clings On 50-day EMA As $240 Beckons Profusely

Ethereum Intraday Levels

Spot rate: $238.58

Relative change: -0.59

Percentage change: -0.25%

Trend: Bullish

Volatility: High