- Ethereum renews the strength above several key barriers at $240 and $240.
- Ethereum could also succumb to a reversal due to the RSI’s oversold levels.
Ethereum bulls are fired up and aiming for new yearly highs. In less than 24 hours, ETH/USD reclaimed the support at $230 and extended gains above two critical levels at $240 and $250. The price is exchanging hands at $253 after advancing 6.7% higher on Tuesday.
JPMorgan considers merging Quorum and ConsenSys
According to a recent report by Reuters, JPMorgan is in talks to discuss a merger between its blockchain unit “Quorum” and ConsenSys, an Ethereum accelerator organization founded by Ethereum’s co-founder Joseph Lubin. Quorum runs on the Ethereum blockchain and interesting JPM Coin executes on top of Quorum. The stable coin is used in facilitating instant payments between one institutional account to another. The details of the merger remain vague because the talks are still ongoing.
Ethereum price technical analysis
Ethereum is valued at $252 amid attempts to correct towards the next hurdle at $260. The surge from levels under $220, allowed the bulls to focus on higher levels towards $300 and eventually close on 2018’s highs around $360.
From a technical perspective, Ethereum is strongly bullish and likely to remain in the state a while longer. The Relative Strength Index (RSI) is holding the position at 84. However, with upward momentum going down, there is a high chance that Ethereum will settle in sideways trading above $250.
On the downside, Ethereum will find more support at the first accelerated trend (black dotted), the second trendline (green dotted) and the major trendline. Other areas to keep in mind are $220 and $200.
ETH/USD daily chart
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