Ethereum Price Analysis: The Next Goal Is $300
The Ethereum (ETH) cryptocurrency market has observed a strong bullish trend. Technical indicators and chart data indicate an uptrend, so ETH/USD should reach $ 300 by February 20.
- On February 12, buyers broke through the $ 260 and $ 270 resistance.
- A bullish trend line has formed on the hourly chart with support of around $ 268 (Kraken exchange data).
- The upward trend will meet strong resistance at around $ 292.
On February 12, the ETH/USD price increased by 16% (on the Bitstamp exchange). During the day, the bulls overcame the key resistance zones of $ 240 and $ 250 (average cost per 100 hours). A new upward movement arose, as a result of which a record was set for Ethereum in 2020 - $ 275.22 (on the Bitstamp exchange). Despite a hard pullback to $ 263, buyers managed to gain a foothold in the range above $ 270. This fact suggests that the bull trend will continue for at least the next two sessions.
Key support areas formed at $ 268 and $ 270. The second mark is at 23.6% of the Fib recorded during the ETH pump pomp from $ 252 to $ 275. The bullish trend will meet an obstacle at the level of $ 288. If this barrier is overcome, the path to $ 300 will be open. During February 13, buyers will test the resistance zone of $ 275. In case of breaking through this level, the coin will rise in price to $ 288.
Ethereum May Correct To $ 264
Impulses of the upward movement have been increasing since January 2020, so the likelihood of a bearish trend soon is extremely small. Theoretically, the ETH rate may be adjusted before the next pump. However, the coin is reliably protected from large losses by powerful support of around $ 264.
Now Ethereum resembles a launched rocket, and the main question is how high the fuel is. If we draw an analogy with 2019, then ETH should rise in price by at least $ 360 by the end of March 2020.
⦁ 4-hours MACD is in the bullish trend zone.
⦁ 4-hours RSI is above 80 (in the negative area).
⦁ The main support level is $ 268.
⦁ The main resistance level is $ 275.