Ethereum (ETH); this recovery could hit $250: ETH/USD 1.46% daily rise

0
  • The crypto market volatility is back following stable October trading activities.
  • Ethereum breaks above $220; $230 is in sight with $250 being the ultimate hurdle.

Ripple (XRP) is again threating Ethereum’s second position in the market. XRP surged more than 12% on Tuesday following rumors that Wirex was adding support for the asset on Apple Pay app. In addition to that, SWIFT, of the largest cross-border remittance services providers is rumored to be integrating Ripple’s payment solutions in its next platform upgrade.

Read more on the story here.

Meanwhile, Ethereum is trading above $220 after staging an incredible swing from the dip below $200 which had found support at $190. Breaking above the resistance at $200 on Sunday last week ignited gains above $215 but could not rise above $218. A correction from this level remained stable around the 61.8% Fib retracement level between the highs of $223.68 and the lows of $197.32.

The mundane trading that dominated the market has been ejected as the crypto market welcomes back high volatility levels. Moreover, trading activity is on a good rise from the stable levels recorded in October. Ethereum buyers grip on the price tightened yesterday as the price zoomed above $210 to close the day at $220. The 23.6% Fib level is holding tight preventing declines heading to $215. ETH/USD has regained composure from the support level and is dancing with $221. The bulls have their eyes locked on $230 which will pave the way for a correction towards $250.

In the interim the indicators are positive in addition to the price trading considerably above the moving averages. The 50 SMA is still above the longer term 100 SMA showing that this bullisj trend will carry on in the near-term.

ETH/USD 60’ chart

Get the 5 most predictable currency pairs

About Author