- Ethereum is trying to break a resistance at the $245 mark to continue an uptrend
- Further resistances lie at $246 and $249 respectively
Ethereum will most likely break the resistance at $245 amid present preparations towards a $250 run. The top cryptocurrency surged quite quickly to its present point at $244.5 after recently crashing below $235. This occurred on Tuesday, June 2 during a flash crash in which ETH/USD lost about 6% in only 15 minutes.
Having shown signs of acute upside relentlessness, the bulls are back in control of the markets and have since the last 48 hours, gained almost 80% of its most recent losses.
ETH is presently changing hands at $244.45 and its market capitalization stands at $27.2 billion. With more buyers entering the markets, $9.82 billion have been exchanged in volumes in 24 hours.
While the market is excitedly bullish, the immediate level of resistance at $246 appears to be insubstantial to stop further uptrend. While the present buying pressure is a good card to play for an uptrend, the Eth/BTC trading pair is also performing optimally.
Altogether bullish for Ethereum, breaking the next resistance at $250 is crucial to how quickly we proceed to greater heights from here.
ETH/USD 4-Hour Chart
In the 4-hour time frame, it appears there is a price struggle between $241 and $246 levels. Although, there’s a clear indication that the bullish breakout at $245 is more likely in the short term than the downside.
For market to move beyond the present 0.23 Fibonacci retracement level, the immediate upside is capped by a bullish breakout beyond the 0 fib level at $246.5.
The Resistance Strength Indicator (RSI) has recently crossed the 50.0 level. While trying a breach of the overbought condition, prices may be pushed along in order to record higher heights at $246 in the short term.
Next resistance level: $246
Next Support Level: $241