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cryptocurrency July 21, 2020

Quick take:

  • 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.

Conclusion

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.

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