Ethereum (ETH) Price Rallies Above $260: Turned Buy On Dips

THELOGICALINDIAN - Ethereum amount rallied afresh with a absolute drive against the US Dollar agnate to bitcoin ETH amount is now trading with a bullish bent and dips abide accurate on the downside abreast 255

Ethereum Price Analysis

After basic a abutment abject abreast the $240 level, Ethereum amount broke the $245 resistance adjoin the US Dollar. The ETH/USD brace acquired bullish drive afterwards it bankrupt the $250 attrition and the 100 alternate simple affective average. The beasts took ascendancy and pushed the amount aloft the $255 and $260 attrition levels.

As a result, the amount traded to a new account aerial aloft the $260 akin at $264. The amount traded abutting to the $265 akin and it is currently acclimation lower. At the moment, the amount is acclimation lower beneath $260 and the 23.6% Fib retracement akin of the contempo beachcomber from the $246 low to $264 high. On the downside, there are abounding abutment abreast the $255 and $252 levels.

An antecedent abutment is at $255 and the 50% Fib retracement akin of the contempo beachcomber from the $246 low to $264 high. Moreover, there is a above bullish trend band basic with abutment abreast $252 on the alternate blueprint of ETH/USD. The trend band coincides with the 61.8% Fib retracement akin of the contempo beachcomber from the $246 low to $264 high.

Therefore, if the amount corrects lower, it is acceptable to acquisition a able affairs absorption abreast the $255 and $252 levels. A breach beneath the trend band ability advance the amount aback appear the $250 axis level. On the upside, an antecedent attrition is abreast the $262 and $264 levels. A bright breach aloft the $265 akin ability alarm for a analysis of $275.

Looking at the chart, Ethereum amount is acutely trading with a absolute bent aloft the $255 and $250 abutment levels. As continued as there is no abutting beneath $250, the amount is acceptable to bullwork college in the advancing sessions.