ETH/USD eying up $300 after a convincing bullish reversal pattern

July 9, 2020 Editor Ethereum 0

  • ETH/BTC saw a breakout above a long-term trendline a few days ago.
  • ETH/USD also cracked a daily trendline and it’s only facing strong resistance at $250.

In just three days, Ethereum was able to confirm a daily uptrend and break above an important long-term trendline. Bulls are now only facing the resistance area between $250-253.47 before $287.41, the 2020-high. Ethereum 2.0 is also getting closer and closer and might be having an impact in the price.

ETH/USD daily chart

The daily 12-EMA and the 26-EMA have crossed bullishly just like the MACD. Ethereum is getting a lot of continuation after the initial breakout. Fundamental metrics have been in favor of ETH for quite some time now with active addresses increasing and holders acquiring more and more coins. Ethereum long positions are still dominating shorts with a 91% dominance over BitMEX. 

ETH/USD 4-hour chart

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The 4-hour uptrend is healthy with a clear consolidation period and a higher low established at $234.62. Anything above this level should be considered a higher low, however, the current momentum is strong enough to take Ethereum above $250 without another pullback.