Ethereum Market Forecast: ETH/USD bulls aim to conquer $245 psychological level

• ETH/USD went up by 6.67% this Monday following bullish price action.
• The Elliott Oscillator has had a green session following 11 straight red sessions.
• William’s %R is on the verge of entering the overbought zone.

ETH/USD daily chart

ETH/USD went up from $227.80 to $243 this Monday, as the bulls aim to conquer the $245 psychological level. The Elliott Oscillator has had a green session following 11 straight red sessions. After experiencing a significant jump following Monday’s bullish price action, William’s %R is on the verge of entering the overbought zone.

Support and Resistance

ETH/USD faces strong resistance at $248.50. On the downside, healthy support levels lie at SMA 20, $237.50, $231.45 and SMA 50.

Key levels