- Ethereum steps out of the range and like Bitcoin brings down several barriers at $250 and $260.
- The bulls are largely in control as signaled by most of the technical indicators including the RSI and the MACD.
Ethereum price finally broke above the stubborn resistance at $245. The massive and impressive breakout came into the picture following a similar Bitcoin price action. The largest cryptocurrency stepped above $9,500 during the American session on Wednesday. ETH/USD followed closely bringing down several resistance levels including $250 and $260.
The momentum has already lifted Ether above the next short term hurdle at $265. Meanwhile, the price is hovering at $266. For several weeks, Ethereum remained range-bound to the extent that other altcoins rallied without in the first couple of weeks in July. This breakout was mainly dominated by Bitcoin and Ethereum (proving ETH correlation with Bitcoin price).
As mentioned on Wednesday, Ethereum is headed for the barrier at $280. At the moment, indicators show that the crypto is ripe for another lift-off. For instance, the RSI is currently making an entrance into the overbought zone. In other words, the bullish grip is still growing and there is still room for growth.
The same bullish signal is confirmed by the MACD in the daily range. The indicator is holding above the mean line. In addition, it has started to feature a bullish divergence which mainly puts the bulls in control. Similarly, the gap made by the 50-day SMA above the 200-day SMA hints that gains are likely to continue in the near term.
However, it is also important that support is established above $260. This will ensure that the danger of a reversal towards $250 is eliminated while giving the buyers ample time to forge the next attack on $280.
ETH/USD daily chart
 (65)-637310685402981504.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.