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Ethereum (ETH) Price Surges 20%, Hits $270: $300 Could Be Next | NewsBTC

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  • ETH price surged higher and broke the key $240 and $250 resistance levels against the US Dollar.
  • The price is up more than 20% and it recently tested the $270 resistance level.
  • There is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is following a strong uptrend and it seems like the price could even surge towards $300.

Ethereum price surged significantly towards $270 versus the US Dollar, and jumped sharply vs bitcoin. ETH is in a major bull run and it seems like the price might even hit $300.

Ethereum Price Analysis

Yesterday, we saw a sharp increase in Ethereum price above $220 resistance against the US Dollar. The ETH/USD pair gained pace above the $225 resistance and rallied above the second target discussed this week. It broke the key $240 and $250 resistance levels to move further into a positive zone. The uptrend was such that the price gained more than 20% and even tested the $270 level. The price is currently well above the $260 level and placed nicely above the 100 hourly simple moving average.

A swing high is formed at $270 and the price is still showing a lot of positive signs. If there is a downside correction, an immediate support is at $262. It represents the 23.6% Fib retracement level of the recent surge from the $237 swing low to $270 high. If there is an extended downside correction, the price could test the $254 support level. The 50% Fib retracement level of the recent surge from the $237 swing low to $270 high is also near the $254 support. Besides, there is a new key bullish trend line forming with support near $244 on the hourly chart of ETH/USD.

Therefore, if the price corrects lower, it is likely to find a lot of buyers near the $262 or $254 support. On the upside, the $270 level is an immediate resistance. If there is an upside break above $270, the price could rally towards the $285 level. However, the main target for the bulls could be $300 in the coming sessions.

Looking at the chart, Ethereum price is clearly surging and it is likely to break the $270 resistance level. The next few hours could be important as the price is likely to trade in a range before it climbs above $270 and $275.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently placed heavily in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now in the overbought zone, with no major correction signal.

Major Support Level – $254

Major Resistance Level – $285


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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