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Ethereum market update: ETH/USD resumes the uptrend after the sudden fall

FX Street
Updated:
  • ETH/USD initially corrected towards $300 but formed a high at $272.
  • There has been a rebound with Ethereum beating the highs at $272.

Ethereum has been a market leader to the extent of outperforming Bitcoin bull rally. ETH/USD initially corrected towards $300 but formed a high at $272. Ethereum as the market leader is leading the altcoin recovery and experts predict the diminishing of Bitcoin dominance.

The momentum, however, stalled at $272 giving way for a bearish correction. Where Ethereum bulls mission to revenge succeeded in sending Ethereum below the support at $250. The losses extended towards $240 and formed a low at $241.811. There has been a rebound with Ethereum beating the highs at $272.

The bulls appear to be back and sending Ethereum on an upward roll that could soon test $280 before sliding further to $300. Meanwhile, all the pointers are bullish with the RIS almost in the overbought while the MACD making a retreat into the positive region.

ETH/USD 1-hour chart

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