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Ethereum Price (ETH) Likely To Accelerate Above $240 & $250

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Ethereum Price (ETH) Likely To Accelerate Above $240 & $250

ETH price remained well bid above the $208 support and recently climbed higher against the US Dollar.The price settled above the $220 pivot level and is currently consolidating in a range.There is a breakout pattern forming with resistance near $227 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to accelerate higher above the $227 and $230 resistance levels in the near term.Ethereum price is showing positive signs above $208 and $215 versus the US Dollar, similar to Looking at the chart, Ethereum price is clearly preparing for the next move either above $230 resistance or below the $217 swing low. If there is an upside break above $230, the price will most likely grind higher towards the $250 area. Conversely, it could revisit the $208 support area in the coming sessions.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is slowly gaining pace in the bullish zone, with positive signs.Hourly RSI The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.Major Support Level – $217Major Resistance Level – $230

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Author: Aayush Jindal

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