Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?
- Ethereum breaks the one-month long losing streak to post gains for three straight days.
- Technical indicators are ripe for a resurface above $220 while $230 is the short-term goal.
Ethereum faced a minor setback on Thursday mainly pulled down by Bitcoin’s revisit to $9,600. However, a quick reversal amid high volatility levels propelled Ether to new September highs around $227. A minor correction has been witnessed during the Asian and European sessions on Friday whereby ETH has lost about 0.84% of its value. Extending range to the last 24 hours, we see resilience by the asset having sustained gains of roughly 4%.
ETH/USD 4-hour chart
The ballistic move yesterday pierced through the Bollinger Bands 4-hour. Ethereum presented good opportunities for trade. Meanwhile, it is valued at $219 after finding balance within the middle curve of the Bollinger Bands.
The relative strength index (RSI) in the four-hour range is sending bullish signals at the time of writing. A likely resurface in the overbought (levels above 70) will see more buying entries as bulls double down on the potential correction towards $230 barrier.
The price is also holding position above the 100 moving average (MA) on the 4-hour chart. The MA at $186 is playing catch up signaling a continues bullish momentum in the near future. Similarly, the moving average convergence divergence (MACD) in the same range is holding at ease in the positive region. A sideways trend observed suggests that Ether will trend sideways with minor fluctuations in the near-term. Continued movement north will also signal an improving bullish picture.
As far as support is concerned, Ethereum will find refuge at $210. Extended corrections encounter the next support at $200. The above-mentioned 100 MA will also support downside in addition to $190 and $180.
Ethereum Key Technical Levels
Spot rate: $218.90
Relative Change: -1.85
Target: $230 in the short-term
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