- Ethereum price renews the uptrend as bulls get more confident in the recovery momentum.
- Overbought conditions could to a reversal in the near term especially of the resistance at $250 is not broken.
Ethereum is making progress following the impressive performance by the bulls in the last 24 hours. The buyers did not panic when Ethereum dived from levels above $230 to those slightly under the key support at $220. Instead, they sort for balance, increased their entries, hence pushing the price above the first hurdle at $225.
More upside action has seen Ether jump above $230, extend the bullish performance past $240. ETH/USD has a market value of $245 following a 3.12% growth on the day. From the opening value of $237 on Wednesday, the price has hit an intraday high at $248.19, finally testing the resistance at $250.
Ethereum 2.0 nears launch
A long-read published by Trenton Van Epps, community manager of the Whiteblock Web3 platform, in partnership with Ethereum (ETH) 2.0 team chief Danny Ryan tries to clear the misconceptions surrounding Ethereum 2.0. Epps categorically said that Ethereum 2.0 will launch in 2020 as planned dismissing rumors that it is unlikely to hit the market this year. He added that, the protocol is predicted to roll out around mid-2020. This is because multi-client testnets are currently in the stress-test phase by other independent development units.
Ethereum price update
Ethereum is trading above a seven-months descending channel. The breakout from the channel resistance has sustained the momentum in spite of the up and downs. However, pullbacks are always associated with bullish markets.
The bulls have control at the moment even as the RSI digs higher in to the overbought region. ETH is relatively overbought; therefore, traders should be alert in case of a reversal. If a correction does occur, support is expected at $240, $230 and $220.
ETH/USD daily chart
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