Following Recent Consolidation, Can ETH Reach $250 Price Target Soon?

  • Ethereum saw a further 3% price increase over the past 24 hours of trading as it heads toward $240, but still far from the 2020 high of $280 reached two weeks ago.
  • Against Bitcoin, Ethereum rebounded above the 0.025 BTC, currently heading towards resistance at 0.026 BTC.

Key Support & Resistance Levels

ETH/USD:

Support: $230, $225, $220.
Resistance: $240, $250, $255.

ETH/BTC:

Support: 0.0256 BTC, 0.025 BTC, 0.0242 BTC.
Resistance: 0.0263 BTC, 0.027 BTC, 0.0278 BTC.

ETH/USD – Buyers Set Sights Toward $240

Since our last analysis, Ethereum managed to hold at the support provided around $225, which allowed it to reach even higher. It is now struggling with resistance at $237 and must break this to turn short-term bullish again.

If Ethereum heads lower, there is strong support at $220 and the ascending trend-line that started forming two months ago. Despite the above, the volume within the market remains quite low.

ethusd-mar6
ETH/USD – Source: TradingView

ETH-USD Short Term Price Prediction

Above $237 and $240, resistance is located at $250 and $255. This is followed by resistance at $268 (bearish .618 Fib Retracement), $280, and $285.

Alternatively, if the sellers push lower, support can be found at $230 and $225. Beneath this, support lies at $220 and $210.

The RSI recently climbed above the crucial 50 RSI level as the buyers start to take control over the market momentum. Additionally, the Stochastic RSI produced a bullish crossover signal in the oversold territory, but yet to enter the neutral zone.

ethbtc-mar6
ETH/BTC. Source: TradingView

ETH/BTC – ETH Rebounds From 0.025 BTC Again

Against Bitcoin, ETH fell beneath the support at 0.0256 BTC but managed to rebound at the 0.025 BTC level. It is now facing resistance at 0.026 BTC.

The volume for ETH/BTC is still low, but starting to show signs of increasing. Once ETH can break and close above 0.0263 BTC, it will be free to make an attempt at the 2020 highs at around 0.0278 BTC.

ETH-BTC Short Term Price Prediction

If the bulls break 0.026 BTC, resistance is expected at 0.0263 BTC. This is followed by resistance at 0.027 BTC and 0.0278 BTC. Above 0.028 BTC, higher resistance lies at 0.0288 BTC (bearish .786 Fib Retracement).

On the other hand, closest support levels lie at 0.0256 BTC and 0.025 BTC. This is followed by support at 0.0242 BTC (.382 Fib Retracement) and 0.0239 BTC.

Similarly, the RSI has also penetrated above the 50 levels as the buyers attempt to take control over the market momentum.

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Cryptocurrency charts by TradingView.