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Ethereum Price Prediction: ETH/USD Soars Above Important Resistance, Is $250 in Sight?

ETH Price Prediction – February 11

Looking at the daily chart, the ETH/USD shows some positive signs above $235; the price may likely start a fresh increase above $240.

ETH/USD Market

Key Levels:

Resistance levels: $265, $275, $285

Support levels: $200, $190, $180

ETHUSD – Daily Chart

Today, ETH/USD jumped from $223.09 to touch the intraday high at $238.50 in a matter of hours. In the early hours of today, the Ethereum (ETH) retreated to $218.30 but the pair still retains the bullish momentum. In the short term, ETH/USD has gained more than 7.0% since the beginning of the trading day. The daily chart reveals that Ethereum (ETH) is one of the top cryptos in the market cap.

However, due to a strong upside movement of the coin, ETH/USD broke free from the recent downtrend of yesterday and today, the coin moved well above where the price started falling. Looking at the daily chart, the $210 remains to be a key support zone and if it is broken, the sell-off may be extended towards $205 support level.

Currently, the price of the coin is changing hands at $238.50 level and the bulls are making effort to push it above the upper boundary of the channel. In other words, any reversal to the south may likely welcome the resumption of the bears back into the market and the price could meet the critical supports at $200, $190 and $180 levels.

More so, the RSI (14) is extremely at the overbought zone which indicates the continuation of the bullish trends and further resistance could be found at $265, $275 and $285 levels.

Against BTC, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around 0.0232 BTC. As soon as the price is above 0.0235 BTC, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 0.0240 BTC is close to the 0.0245 BTC level. If the price keeps rising, it could even break the 0.0250 BTC and above in future sessions.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup now, the 0.0220 BTC and 0.0215 BTC supports may play out before rolling to 0.0210 BTC and this may create a new low for the pair. However, the daily outlook is still looking bullish as the RSI (14) stays within the overbought zone to enhance the bullish movement.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.