Ethereum (ETH) Price Grinding Higher: $255 Presents Crucial Challenge

THELOGICALINDIAN - Ethereum amount is assuming signs of a appropriate accretion against the US Dollar agnate to bitcoin However ETH amount charge bright the 250 and 255 barriers to move into a absolute zone

Ethereum Price Analysis

After trading to a new beat low at $226, Ethereum amount started a abiding accretion adjoin the US Dollar. The ETH/USD brace traded aloft the $230 and $235 attrition levels to move into a absolute zone. It alike acclimatized aloft the $240 akin and the 100 alternate simple affective average. Moreover, there was a breach aloft the 50% Fib retracement akin of the major decline from the $255 aerial to $226 low.

During the climb, there was a breach aloft a key bearish trend band with attrition abreast $237 on the alternate blueprint of ETH/USD. Finally, the beasts pushed the amount aloft the $245 akin and the 61.8% Fib retracement akin of the aloft abatement from the $255 aerial to $226 low. The amount traded abutting to the $250 level, but it struggled to abide higher. It activated the $248 akin and the 76.4% Fib retracement akin of the aloft abatement from the $255 aerial to $226 low. At the moment, the amount is accumulation assets aloft the $240 akin and the 100 alternate SMA.

On the upside, an antecedent attrition is at $248 and $250, aloft which the amount ability balance further. However, the capital claiming for the beasts is abreast the $255 level. If there is an upside breach aloft $255, the amount is acceptable to move into a absolute zone. Conversely, if the amount fails to move aloft $250 or $255, there could be a beginning decline.

Looking at the chart, Ethereum amount seems to be trading accurately aloft the $242 and $240 levels. As continued as there is no abutting beneath $240, there are affairs of a added upsides in the abreast term. Beneath $240, the amount could retest the $233 axis breadth or the $235 abutment zone.