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Ethereum Price Prediction: Ethereum Bulls Back in Action, Can ETH/USD Reach $300 This Time?

ETH Price Prediction – February 18

Ethereum increased by 6.64% within 24 hours of trading as it tries to get back above $290.

ETH/USD Market

Key Levels:

Resistance levels: $315, $320, $325

Support levels: $235, $230, $225

ETHUSD – Daily Chart

ETH/USD had reversed over the past few days after meeting resistance at $290.70 and a small retracement began. The cryptocurrency went on to drop beneath $237.25 as it spiked lower, however, it managed to climb back higher and remain above the support at $260. Yesterday, Ethereum hit a low of just below $237 which was down around 15% from its new year’s peak but today, the coin is leading the charge once again, can it reach $300 this time around?

However, prices are back in bullish territory with a return to resistance at $286.10 over the past few hours trading. This equates to a solid 6.64% gain within 24 hours. The pullback was not enough to reach the upper boundary of the ascending channel, indicating that the uptrend is still very strong. ETH/USD is currently at the support/resistance level it hit four times between May and July 2019 and $300 is the next target above here.

Moreover, as the technical indicator RSI (14) moves within the overbought zone, a break to the low side would see the coin fall back to support around the $235, $230 and $225 levels. In other words, a break above the resistance level of $300 could most likely give ETH/USD a boost towards the important resistance at $315, $320 and $325 levels.

When compared with Bitcoin, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around 0.0276 BTC. As soon as the price is above 0.0285 BTC, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 0.0290 BTC is close to the 0.0300 BTC level. If the price keeps rising, it could even break the 0.0310 BTC and above in future sessions.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup now, the 0.0260 BTC and 0.0250 BTC support may play out before rolling to the critical support at 0.0240 BTC and this may create a new weekly low for the pair. However, the daily outlook is still looking bullish as 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.