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Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?

ethereum-price-analysis-eth-flexing-muscles-but-can-it-rise-to-240-over-the-weekend
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  • Ethereum breaks the one-month long losing streak to post gains for three straight days.
  • Technical indicators are ripe for a resurface above $220 while $230 is the short-term goal.

Ethereum faced a minor setback on Thursday mainly pulled down by Bitcoin’s revisit to $9,600. However, a quick reversal amid high volatility levels propelled Ether to new September highs around $227. A minor correction has been witnessed during the Asian and European sessions on Friday whereby ETH has lost about 0.84% of its value. Extending range to the last 24 hours, we see resilience by the asset having sustained gains of roughly 4%.

ETH/USD 4-hour chart

ETH/USD price chart by Tradingview

The ballistic move yesterday pierced through the Bollinger Bands 4-hour. Ethereum presented good opportunities for trade. Meanwhile, it is valued at $219 after finding balance within the middle curve of the Bollinger Bands.

The relative strength index (RSI) in the four-hour range is sending bullish signals at the time of writing. A likely resurface in the overbought (levels above 70) will see more buying entries as bulls double down on the potential correction towards $230 barrier.

The price is also holding position above the 100 moving average (MA) on the 4-hour chart. The MA at $186 is playing catch up signaling a continues bullish momentum in the near future. Similarly, the moving average convergence divergence (MACD) in the same range is holding at ease in the positive region. A sideways trend observed suggests that Ether will trend sideways with minor fluctuations in the near-term. Continued movement north will also signal an improving bullish picture.

As far as support is concerned, Ethereum will find refuge at $210. Extended corrections encounter the next support at $200. The above-mentioned 100 MA will also support downside in addition to $190 and $180.

Ethereum Key Technical Levels

Spot rate: $218.90

Relative Change: -1.85

Open: $221.04

High: $22.39

Lows: $214.77

Trend: Bullish

Target: $230 in the short-term

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