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Ethereum Price Analysis: ETH Surging Towards $280 and $300

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Ethereum Price Analysis: ETH Surging Towards $280 and $300
By Aayush J- February 12, 2020
Ethereum Price Analysis
Ethereum price is gaining bullish momentum above the $250.00 area vs the US Dollar. ETH to USD is likely to continue higher towards the $280.00 resistance in the near term.

Key Takeaways: ETH/USD
Ethereum price is up more than 20% this week and broke the key $231.20 resistance against the US Dollar.
To start the uptrend, ETH/USD surpassed a key bearish trend line at $224.50 on the 2-hours chart (data feed from Bitstamp).
Bitcoin price is also rising and it now trading above the $10,300 level.
Ethereum Price Analysis
After forming a strong support base, Ethereum price started a strong rise above the $200.00 area. Similarly, there were strong gains in ripple, bitcoin cash and EOS in the past couple of days.

Ethereum Price Analysis

Looking at the 2-hours chart, Ethereum price settled nicely above the $200.00 area and the 50 simple moving average (2-hours, purple). The bulls remained in action above $210.00 and $220.00 levels.

Besides, ETH/USD surpassed a key bearish trend line at $224.50 on the same chart. As a result, there was a sharp increase above the $231.20 and $240.00 resistance levels. The recent rise was such that the price even surged above the $250.00 level.


 
It traded to a new 2020 high at $258.80 and it is currently consolidating gains. An initial support is near the $252.00 level. The first key support is seen near the $248.00 area.

Besides, the 23.6% Fib retracement level of the recent rally from $213.51 to $258.80 is also near the $248.10 level. If there are more losses, Ethereum price might dip towards the $244.00 area.

The next major support is near the $236.50 level since it is close to the 50% Fib retracement level of the recent rally from $213.51 to $258.80. On the upside, the bulls are likely to aim a strong rise above the $260.00 level.

In the mentioned case, Ethereum is likely to test the $280.00 area. Any further gains is likely to lead the price towards the $295.00 and $300.00 levels in the coming days.

Live Ethereum (ETH) Price:
1 ETH/USD =$264.8 change ~ 11.47%
Coin Market Cap

$29.13 Billion
24 Hour Volume

$7.14 Billion
24 Hour VWAP

$248
24 Hour Change

$ 27.2400
Index
P2PB2B
bitasset
Coinsbit
Coinbase
primexbt

 
1D
1W
1M
3M
1Y
ALL
Value
$
265.13
Jan 20
Jan 27
Feb
Feb 10
120
140
160
180
200
220
240
260
Volume
$
67,477,968.55
Jan 20
Jan 27
Feb
Feb 10
0
50,000,000
Jan 20
Jan 27
Feb
Feb 10
Previous Review
Ethereum (ETH) Price Analysis (February 12)
Next Review
XRP Managing 7.5% of Weekly USD to MXN Remittances, Says Ripple SVP of Product
Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

 
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