April 30, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Reach $ 250

ethereum forecast

Over the past day, the Ethereum cryptocurrency rate (ETH) has grown by 12% and overcame the resistance barrier at $ 220. Therefore, ETH/USD should go up to $ 250 by May 7th.

Key Points

  • As a result of the pump, the bulls broke through the resistance zones of $ 214 and $ 220.
  • A bearish trend line with a resistance of $ 200 was overcome.
  • Over the coming week, the value of the virtual currency will reach the nearest resistance barriers – $ 240 and $ 250.

On April 29, the Ethereum exchange rate exceeded the $ 200 mark, which coincides with 100 SMA. The upward movement accelerated, in connection with this, the asset went up to $ 225. During the pump, the 50% Fib was overcome, fixed during the dump from $ 287 to $ 90 in early March.

Now the market is dominated by an upward trend. The nearest barrier is in the region of $ 240, almost 76.4% Fib. If buyers break through this barrier, the ETH rate will reach $ 250.

The negative scenario should be taken into account if buyers fail to overcome $ 240. As a result of this, there will be a rollback to $ 212. The key support area is located at around $ 200, the next barrier is at $ 185.

When Will The Bull Run Finish On the Ethereum Market?

If ETH/USD does not go beyond the downtrend that arose in June 2019, then the rate of the coin will not exceed $ 264. An indicator of the upcoming dump will be a sharp drop in the value of the asset by 10% or more. Lower prices by a lower percentage, as a rule, is a false breakdown.

eth rate

On May 12, the Bitcoin blockchain will be halving. Drawing an analogy with the previous halving of the award in 2016, we can conclude that the price of BTC will decrease after halving until September 2020. Given that the dynamics of changes in the ETH rate almost mirror the Bitcoin chart, in mid-May, there is a high probability of a bearish trend on the Ethereum market, which will last at least until the fall.

Technical indicators:

4 hours MACD is in the bullish trend zone.
4 hours RSI is above 70 (in the neutral area).
The main support level is $ 200.
The main resistance level is $ 250.
Nearest pivot points: $ 209 and $ 221.

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