Ethereum Price Analysis: Will ETH/USD target $250?
- ETH/USD hold above $200 following Thursday's pullback.
- 20-day and 100-day SMAs close to making a bullish cross.
- $250 aligns as the next critical target for Ethereum.
Ethereum (ETH/USD) rose sharply on Wednesday and climbed above the critical $200 handle for the first time since early March. Although the pair retreated from the near-term top it set at $227, it didn't have a difficult time staying above $200. As of writing, the pair was little changed on a daily basis at $211.50.
Technical outlook
The pair continues to trade comfortably above the 20, 50, 100 and 200-day SMA. Moreover, the 20-day SMA and the 100-day SMA seem to be on their way to make a bullish cross to confirm the near-term bullish outlook. On the other hand, during Wednesday's upsurge, the RSI indicator on the daily chart climbed above the 70 handle to turn overbought but pulled back following Thursday's correction.
Even if the pair stages a deep technical correction, buyers are likely to remain in control as long as the pair doesn't make a daily close below the 100-day SMA, which is now located at $190. Ahead of this level, $200 (psychological level) could act as interim support as well.
On the upside, $227 (Apr. 30 high) could be seen as the first hurdle before $240 (static resistance) and $250 (March 7 high).
ETH/USD daily chart
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
