Ethereum Price Prediction: ETH/USD bullish setup to $250

Ethereum price holds between the confluence support at $237 and the resistance at $239.
ETH/USD holds strongly in consolidation as a breakout above the trendline resistance brews eyeing $250.

Ethereum recovered from last week’s lows at $228 over the weekend. A few seller congestion areas were broken including $235. ETH/USD closed in on the hurdle at $240 but the resistance from a descending trendline put a limit to the bulls’ effort. Instead, the largest altcoin settled for consolidation around the 61.8% Fibonacci retracement level taken between the last swing high of $249.12 to a swing low at $223.30.

In the meantime, ETH/USD is trading at $238 while holding above both the 100 SMA and the 50 SMA in the 2-hour range. The Elliot Wave Oscillator has started a bullish session which means that gains are likely to continue following the ongoing consolidation.

A study of the RSI shows that the trend is sideways but leaning more to the bearish side. This follows a retreat from the overbought region. It is essential to watch the RSI as it could tell the direction Ether would take in the near term; a return above 70 would signal a bullish momentum but a continued negative gradient could see the price dive under $235 support.

On the bright side, buying pressure is not entirely ousted. Therefore, if a break above the trendline resistance as well as the $240 hurdle would propel Ethereum back to $250. For now, holding tightly to the consolidation between $237 and $239 is key for the next stage of attack towards $250.

ETH/USD 2-hour chart

Ethereum confluence resistance and support levels

Resistance one: $239.75 – Is the first resistance as highlighted by the previous high 15-minutes, the Bollinger Band 15-minutes middle curve, the SMA ten 15-minutes, the Bollinger Band 15-mins upper curve and the previous high 1-hour.

Resistance two: $249.67 – A seller congestion zone that houses the pivot point one-month resistance one and the Bollinger Band one-day upper curve.

Support one: $237.27 – Is the buyer concentration zone that is home to the 50 SMA one-day, the Bollinger Band 1-hour middle, the SMA 4-hour and the SMA 200 1-hour.

Support two: $232.31 – Hosts the Bollinger Band 1-hour lower curve, pivot point one day support two and the Bollinger Band 4-hour lower.

Share: Cryptos feed

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.