ETH/USD renews the uptrend, is $240 milestone achievable?

  • Ethereum rises above a possible double-top pattern amid growing bullish action in the crypto market.
  • Ethereum bulls must pull above $230 quickly to deny the bears the opportunity to enter and reverse the accrued gains.

Digital assets across the board are recording incredible gains on Sunday after what seems to be a successful weekend session. Ethereum bullish action extended above $220 towards $230. However, an intraday high formed at $228.

Current technical levels suggest that the bulls are not yet done. However, the longer they stay under $230, the more they allow the sellers time to regroup and force a reversal. For now, the trend is in the bulls’ hands. For instance, the RSI is not only in the overbought region but also moving further north.

The narrowing gap between the 50-day SMA and the 200-day SMA shows that Ether is bullish both for the short term and the long term, Moreover, as long the price stays above the 200 SMA support, the bulls will remain relatively in charge. The next significant milestone is $240, which may give way for gains towards $300.

ETH/USD daily chart


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