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The ETH price may have ended the correction - The first target is found at $ 248

    The price of Ethereum began to decline rapidly as it reached a high of $ 278 on February 24. Three days later, it has dropped to a significant support line and bounced up, and is making an attempt to reverse the trend.

    Highlights of the price of Ethereum (ETH)

    • The price is trading in a short range from $ 213- $ 233.
    • Price is following an ascending support line.
    • A golden cross happened.
    • Price has created a double bottom.
    • There is resistance at $ 248.

    Renowned Trader George tweeted an Ethereum chart showing prices moving above the midpoint of a trading range he had outlined. He believes that prices will continue to rise if the green zone holds.

    Let's take a closer look at Ethereum price movement and determine where it will be heading.

    The support line is ascending

    The price of Ethereum has been following an ascending support line since January 2, 2020. The recent decline has brought the price of ETH close to this support line, and the price created a long low wick below and then moving up. on. The decline also confirms the support of the 50-day moving average (MA).

    In addition, the MA 50 and 200 days created a golden cross on February 16. This is a positive signal that the price is in a long-term uptrend, currently it is above both. .

    gia-eth-248-dola4

    Daily ETH / USD chart | Source: TradingView

    In addition, when we use the Fib regression tool to measure the entire movement of ETH prices from the beginning of the year, the market price is currently supported at Fib 38.2% at $ 223.

    gia-eth-248-dola

    Daily ETH / USD chart | Source: TradingView

    Combining the confluence of the aforementioned supports, we believe that the ETH price will soon rebound, the first target found at $ 248.4.

    Trading amplitude

    Ethereum price has been trading in a range of $ 213 – $ 233 for the past three days. While it quickly moved above this level on February 27, it immediately fell inside it.

    The decline continues until the price confirms the bottom of the range again, after which the trend reverses and ETH has moved up and is currently trading close to the resistance line of the range. Therefore, we expect the price to drop to $ 223 (Fib 38.2%) again before moving to Fib 23.6% at $ 248.

    gia-eth-248-dola

    30-minute ETH / USD chart | Source: TradingView

    Double bottom

    The recent price action has created a double bottom pattern, combined with lower long wicks and bullish divergence in the RSI. This is also showing that ETH price may have ended the short-term downtrend, and a rise to $ 248 is quite possible.

    gia-eth-248-dola

    ETH / USD chart of 4-hour frame | Source: TradingView

    Conclude

    The price of Ethereum has completed a double bottom and is expected to move upwards to the next resistance at $ 248.

    ETH price today | Source: Coinmarketcap

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Sn_Nour

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