Ethereum Price Analysis: ETH/USD consolidates weekly gains near $240

Ethereum rose sharply on Saturday, gained more than 10%.
ETH/USD remains on track to close the week around 20% higher.

Ethereum (ETH/USD) surged higher on Saturday and touched its highest level since early March at $247 before closing the day with a daily gain of 10% at $243. The pair, however, has struggled to preserve its momentum on the last day of the week and gone into a consolidation phase. As of writing, Ethereum was down 1.85% on the day at $240. Despite Sunday's correction, the pair remains on track to close the week around 20% higher.

Technical outlook

The daily Relative Strength Index (RSI) rose above 70 on Saturday and edged lower on Sunday, suggesting that Ethereum is staging a technical correction after turning overbought. Nevertheless, the near-term bullish outlook remains intact and the pair could target the critical $250-$252 area (psychological level/March 7 high). Beyond that area, Ethereum could extend its rally to $267 (February 25 high).

On the other hand, supports are located at $220 (May 30 low) ahead of $210 (20-day SMA) and $200 (psychological level).

ETH/USD daily chart

Additional technical levels

ETH/USD

Overview
Today last price	237.95
Today Daily Change	-5.71
Today Daily Change %	-2.34
Today daily open	243.66

Trends
Daily SMA20	206.54
Daily SMA50	196.06
Daily SMA100	185.34
Daily SMA200	176.8

Levels
Previous Daily High	247.15
Previous Daily Low	218.77
Previous Weekly High	224.81
Previous Weekly Low	196.65
Previous Monthly High	227.37
Previous Monthly Low	128.95
Daily Fibonacci 38.2%	236.31
Daily Fibonacci 61.8%	229.61
Daily Pivot Point S1	225.91
Daily Pivot Point S2	208.15
Daily Pivot Point S3	197.53
Daily Pivot Point R1	254.28
Daily Pivot Point R2	264.9
Daily Pivot Point R3	282.66

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