ETH Price Analysis: Revamped Upside Traction May Bolster ETH/USD Surge Past $250 With Ethereum Longs at Nearly Two Million ETH

The upbeat mood is prevalent on the cryptocurrency market as Ethereum (ETH) is steadily rising, the KingAltcoin is outpacing other digital assets as it braces for more upswing. The market capitalization of Ethereum has also improved towards the market’s growth. The index currently stands at $27.5 Bln. Ethereum’s (ETH) price indicates steady growth toward the $250 mark today. Ethereum trades at $246.71 which stays relevant at the time of press. Since March 2020, the bullish trend has revamped its upside traction and may improve the surge of ETH/USD past $250. Since Monday, Ethereum longs have risen by another 50,000 ETH to set a fresh all-time high. Ethereum longs are now at more than 1.8 million ETH on the Bitfinex exchange. Rising nearly 4x since February when longs had been less than 500,000 ETH. Shorts, on the other hand, are just 180,000 ETH, about 10% of longs, therefore suggesting the market mood where it counts.

*Since March 2020, the bullish trend has revamped its upside traction and may improve the surge of ETH/USD past $250
*Ethereum trades at $246.71 which stays relevant at the time of press
*Ethereum longs are now at more than 1.8 million ETH on the Bitfinex exchange

Key levels
Resistance Levels: $260, $255, $250
Support levels: $230, $220, $210

ETH/USD Daily Chart: Bullish

ETH/USD Daily Chart

The pair breached through the resistance at $245 over the day and attempted the psychological level at $250. Increasing ceased in the session and the price returned to $240. Although if the bears intensify the attack, they may return the pair to a region of $230. Nevertheless, the market is back on the upside for a $250 surge as of press time.

On the other hand, the RSI indicator lines have not yet entered the overbought zone on the daily time frame and there is still some growth potential. All in all, bulls may try to test the resistance at $250, after a brief break. Following today’s upside momentum, ETH/USD is attempting hard to shift its recovery mode towards $250 levels. Nonetheless, sellers tend to lurk beneath $230, restricting attempts at the upside.

ETH/USD 4 Hour Chart: Bullish

ETH/USD 4-Hour Chart

Ethereum (ETH) broke out of its upside-range on the 4H chart. Ethereum is attempting to push higher alongside the larger crypto market, although sellers have fought to maintain prices beneath the $230.00 support level, which is potentially relevant. The ETH/USD pair may surge to the level of $250.00 once bulls stay past the level of $240.00. A structural reversal beneath the $240.00 might see the ETH/USD dropping back into the support area of $230.00.

The ETH/USD pair is only bullish while exchanging beyond the level of $240.00, the main resistance is seen at levels between $250.00 and $260.00. Whenever the ETH/USD pair exchanges beneath the $240.00 mark, sellers may test the support levels of $230.00 and $220.00. The surge is motivated by the rising volume of trading which implies there is still scope for a retracement as this pattern may evolve in days.

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