Ethereum (ETH) Price Surges 20%, Hits $270: $300 Could Be Next @newsbtc #Analysis #Technical #ETH #ethereum

• 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...
  • 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 MACD – The MACD for ETH/USD is currently placed heavily in the bullish zone.

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

  Major Support Level – $254

  Major Resistance Level – $285

  The post Ethereum (ETH) Price Surges 20%, Hits $270: $300 Could Be Next appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-price-surges-20-hits-270-300-could-be-next-5cdcd411a68a6942305448f1