- Ethereum steady bullish action breaks above the $280 barrier; eyes currently glued on $300.
- ETH/USD sideways trading depends on the ability to defend the initial support at $270
Ethereum made another grand spike on Thursday building on the rally witnessed on Wednesday. As predicted, the largest altcoin stepped above the coveted $280 zone. However, bulls hit a wall at $283 temporally stopping the price action.
At the time of writing, Ether has adjusted to $273. Higher support at $270 is expected to be a stepping stone for a comeback past $280 and the majestic rally eyeing $300. The RSI is holding above 70 at the moment. Unfortunately, it is sending reversal signals which could eventually encourage more sellers to join the market.
On the other hand, the MACD is sending a contrary signal, suggesting that bulls would remain in control a while longer. It not only holds above the midline but also increasing the bullish divergence.
Generally, the cryptocurrency market is turning red especially for the major digital assets including Bitcoin which has retreated to $9,600 after testing $9,700. As for Ethereum, a sideways trading action has the potential to take over only if support at $270 is guarded at all costs. Both the 50-day SMA and the 200-day are in line to provide support at $237.97 and $202.92 respectively in the event declines overwhelm buying pressure.
ETH/USD daily chart
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