Thursday, February 25, 2021

Ethereum Holds above $1,150: Why ETH Is Setting Up For Major Uptrend and Could Outperform BTC

Ethereum is currently holding major support near $1,150 against the USD. The price of ETH is consolidating and possibly setting up for a major uptrend above $1,250.

Ethereum (ETH) is facing a couple of major challenges near $1,245 and $1,250. There is a possibility for the price to remain well bid above $1,150 and near the 100 hourly simple moving average.

Also, a key contracting triangle is forming with support near $1,195 on the hourly chart of ETH/USD. The pair will possibly outperform Bitcoin (BTC) except there is a clear break below the $1,150 support level.

Read Also: Analyst Sees Ethereum (ETH) Price above $1,000 by 2021 If Fee Proposal Is approved

Ethereum (ETH) Price Is Holding Key Support

Ethereum (ETH) has made two attempts to gain momentum above $1,250 and $1,280 in the past two to three sessions. ETH price was unable to maintain its stability above $1,250, formed a high near $1,270, and recently embarked on a fresh decline.

There was a break below the $1,225 and $1,220 support levels. The price of ETH even spiked below the $1,200 level and tested the 100 hourly simple moving average. A low is formed near $1,184 and it is currently consolidating near the $1,195 level.

Ethereum Holds above $1,150: Why ETH Is Setting Up For Major Uptrend and Could Outperform BTC

Source: ETHUSD on TradingView.com

There seems to be a key contracting triangle forming with support near $1,195 on the hourly chart of ETH/USD. An initial resistance on the upside near the $1,225 level. It’s close to the 50% Fib retracement level of the recent drop from the $1,270 high to $1,184 low.

Read Also: Gemini’s Tyler Winklevoss Describes Ethereum Network as “Decentralized Amazon Cloud Computing”

The first major resistance is close to the $1,259 level. It overlaps with the 76.4% Fib retracement level of the recent price drop from the $1,270 high to $1,184 low. If the price of ETH breaks above the $1,250 resistance and the triangle upper trend line, there is a possibility for a strong increase.

The next major resistance is close to the $1,280 area. A close above this area will possibly give room for a huge upside trend above $1,300 and $1,350.

Ethereum (ETH) Chance of Decline

If Ethereum (ETH) faces a correction below the triangle trend line and $1,192, it could find strong support around the $1,150 level.

Read Also: Gemini’s Tyler Winklevoss Says ‘When in Doubt, Ethereum” As ETH Is Now 9% Away from ATH

But if ETH loses the $1,150 support level, a strong decline towards $1,100 is possible. However, Ethereum is still holding strongly above $1,150, while Bitcoin (BTC) keeps failing to maintain its stability above $36,000 support. At press time, ETH is trading at $1,222.72, with about a 3% price uptrend in the last 24 hours.


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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