Ethereum the second largest cryptocurrency by market capitalization is quite bullish on its prices and currently moving at $250 well above the lower support of $245. The price also touched $265 mark, only to fall back above the lower resistance mark of $245.
There is a rising channel forming above the $245 mark on the hourly chart. Analysts predict that ETH is bound to climb above $270 if it continues to trade above the $245 mark. Yesterday’s market correction did bring down the prices from $265 falling below the $250 support mark, however it has again climbed back to $250 at the time of writing.
The market correction has led to ETH facing strong resistance at $255, and if ETH is able to break past that key resistance, there is no strong resistance up to $265. A further surge would push the ETH towards the upper key resistance of $270 and $280. On the downside, if the market sees another plunge then the downward support is at $245, $240 and $232.
Apart from that, there is a rising channel forming at the support price of $245 on the hourly chart of USD/ETH. The $245 support is also nearing the 100 hourly simple moving average. Thus, it is a firm belief in the community that as long as ETH is trading above the support price of $245, the prices would continue to rise. If the prices slump below $245 mark, then $240 will be the key lowe resistance.
Ethereum Prices are Rising Slowly But Steadily
If we look at the price chart of Ethereum, it is clear that despite the market correction, the ETH prices are quite bullish and moving slowly but steadily above the $240 level. If the bulls fail to stop the plunge than ETH prices might also see $225 level, on the contrary, if ETH price continues its current slow and steady rise even $280 is not a tough ask.
The key metrics of the current ETH movement include
Major Support Level – $245
Major Resistance Level – $265