- Ethereum bounces off the weekly low, gains traction against the sellers as it approaches $240.
- ETH/USD is technically inclined to make a comeback above $240 and rally above $250.
Ethereum price is trading at $235 on Sunday, during the European session. The price is below the moving averages in the hourly range. The 50 SMA holds at $236 while the 100 SMA stands at $238. Selling pressure is still present and limiting gains targeting $240 in the short term and $250 in the medium term.
Slightly below the market value is the first support at the 38.2% Fibonacci Level taken between the last swing high at $250 to a swing low at $225.57. An ascending trendline is also in line to provide support. Other support levels include $230, $225, and $210 (according to the daily confluence).
From a technical perspective, Ethereum is mostly in the hands of the bulls especially with the RSI heading towards the midline. Advance towards the overbought region would definitely encourage more buyers to join the market. Gains above $240 would also allow the bulls to shift their focus to $250. The resistance at the 50 SMA and the 100 SMA must, however, be dealt with accordingly to ensure that gains remain the bulls’ cup of tea in the coming week.
ETH/USD 1-hour chart
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