- Ethereum bulls desire to hit $300 continue to dealt a blow as volatility increases.
- ETH/USD is poised for a move north especially if the bulls can push for a break above the bullish flag pattern.
Ethereum consolidated above the key support at $264 over the last weekend after failing to make correction above $275 on Saturday. Prior to the declines, ETH/USD had made great strides towards $300. However, the momentum came short of $290 opening the Pandora box as the bears found a chance to push revenge in the wake of the surge experienced since the beginning of May.
Initially, the price plunged to $240 support before the trend reversed the trend hitting a snag at $275. As mentioned, the price has been dancing sideways between the upper limit at $275 and the lower limit at $260.
Currently trading at $263, ETH/USD is poised for a move north especially if the bulls can push for a break above the bullish flag pattern. Technically, the bulls have the strength to correct above $265 immediate resistance in the short-term. $270 is the second significant resistance level while $275 will continue to limit gains towards the coveted $300.
The Relative Strength Index (RSI) has recovered from the levels below 30.00 and is slightly trending high at 51.571. Continued movement north will allow the buyers to gain more confidence in the bullish momentum. If the MACD corrects above the mean line, ETH/USD is likely to continue gaining traction. Bulls should also look out for other support levels at $255, $245 and $240.
ETH/USD 1-hour chart
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