Ethereum is spitting fire currently. The top cryptocurrency first took us by a surprise when the Eth/USD pair set sail for $220. As Eth blasts through that long-respected resistance level at $220, the coin gathered momentum in order to overcome a major hurdle between $225 and $230. As all became stories thereafter, Ethereum yesterday was found hovering above $240 while also building a major support level there.
Now, having gained about 7% within the last 24 hours, Ethereum is now looking to find support at the $250 mark. This is coming after having only recently crossed the level around 11:49 hours UTC on June 2. It’s fast becoming obvious that the top cryptocurrency is looking towards higher heights at $270 while also facing threats of downfall at the $258 and $265 levels respectively.
At present, Ethereum changes hands at $251.40 having outperformed its BTC trading pair by a large margin within the last hours. Market capitalization is tethering around $27.97 billion. Trading volume for ethereum within the last 24 hours exceeds $14 billion.
Ethereum Technical Analysis
On the 4-hour chart below, prices rose steadily through the major resistance at the 78.6% Fibonacci retracement level ($243) while touching a peak at $254 mark. The long bullish engulfing candle printed in the long run gave the bulls an advantage when the bears launched a counter-attack to push prices downwards.
The bullish movement at 01:30 hours UTC closed with a little wick to the upside while the buying momentum proceeded into the next 4 hours. Welcoming a little retracement, the bulls resisted a selling pressure by reversing the price back to the upside. If the bulls continue the motion, prices will be able to overcome the important resistance level at the 1.68 fibo level ($258). Beyond this area, resistance lies above $260.
Although, a free fall towards $250 ( 1.0 fib level) is still highly probable. This may come to play if the bears gather more strength to pull off a selling pressure necessary to achieve a downfall. Until then, the bulls appear to be in total control for at least a few days before any threat comes to higher prices.