- Bitcoin’s move above $9,300 has spread a wave of optimism in the crypto markets.
- Ethereum has surged from $230 levels to $245 and looks set to attempt $250 once again.
- Ethereum has tested the $250 resistance level several times since the Coronavirus crash of mid-March.
- Perhaps ETH might just break and hold this difficult resistance zone this time round.
Bullish optimism has engulfed the crypto markets after Bitcoin made an impromptu $200 move to break the $9,300 resistance level. The journey up for Bitcoin did not end there as the King of Crypto is trading above $9,400 at the time of writing this. The move by Bitcoin has spread across the crypto-verse with Ethereum (ETH) also exhibiting similar bullishness.
Ethereum (ETH) is Primed to Retest $250 Once Again
A quick glance at the 6-hour Ethereum chart courtesy of Tradingview, reveals that ETH has had a good day by pushing hard from around $233 to $245 during the same time period BTC moved from $9,150 to $9,400. Also to note, is that the $250 resistance level is once again in the way of Ethereum’s path to higher price levels.
Ethereum has tested this level on several occasions since the Coronavirus crash of mid-March. To begin with, Ethereum tested $250 on the 2nd of June followed by a retest on the 10th of June. After this second attempt, Ethereum took a brief break and returned to the $250 resistance level on the 24th of June and on the 8th of July.
During each attempt to break $250, Ethereum (ETH) has failed to turn this resistance level into a support zone. Checking the 6-hour ETH/USDT chart once again, the following can be observed.
- The 6-hour MFI is high at around 74 pointing to the possibility of Ethereum running out of gas as it attempts to break $250.
- However, trade volume is in the green with the 6-hour MACD exhibiting potential bullishness that would allow ETH to break this resistance level.
- Ethereum is currently trading at $243 and above the 6-hour 50, 100 and 200 moving averages pleading the case for further bullish momentum.
- Bitcoin is still exhibiting bullishness and a continual move up by BTC will translate to a similar move by Ethereum.
- Beyond $250, Ethereum’s next level of considerable resistance will be at $290.
Summing it up, Bitcoin’s surge above $9,300 has provided the bullishness needed for Ethereum to orchestrate a similar push from $230 to $245. Furthermore, all technical indicators point to Ethereum once again attempting to break the $250 resistance level.
However, ETH has attempted to break this level at least four times since mid-March with no success. Therefore, breaking $250 might prove to be a difficult milestone for Ethereum. Perhaps waiting for Ethereum (ETH) to break and hold this level would be a good move forward as a way of gauging whether Ethereum’s bullishness will be sustained above $250.
As with all technical analyses of Ethereum (ETH), traders and investors are advised to use adequate stop losses and low leverage during uncertain times.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.