Leading altcoin Ethereum (ETH) rose above the $ 225 support level. Famous and successful analyst Aayush Jindal expressed that ETH broke the $ 230 support. However, another analyst Denys Serhiichuk said that $ 250 can be expected.
According to Jindal’s analysis in CryptoNews, there is a chance to increase even more if ETH exceeds 100 SMA. Ethereum price reacted downwards and traded below the $ 232 and $ 230 support levels. ETH is approaching support of $ 225, and with it, the bears are expected to test the low level of $ 218.
But otherwise, it seems likely that ETH’s previous support levels of around $ 230 and $ 232 will act as obstacles if there is an uptrend. According to Jindal, it is necessary to exceed the level of $ 235 as the basic resistance for a rally to start in ETH. According to the analyst, ETH is now moving towards the $ 235 resistance and the 100 simple moving average.
Another famous analyst, Denys Serhiichuk, states that Ethereum showed a worse price action with a downward trend compared to Bitcoin (BTC). Leading altcoin has declined by approximately 3.34 percent since last week.
Looking at the hourly chart, Ethereum (ETH) is trading on a channel that is against a low volume. Liquidity is also decreasing slightly. Local support may drop from $ 226.60, although the long-term trend has declined. Once the above-mentioned level is reached, it is likely to see a short-term increase, because according to the analyst this is a retest of a remote mirror level.
Can go up to $ 250
Looking at the daily chart, Ethereum (ETH) still has bullish potential; however, it is necessary to pay attention to the $ 220 level. In this particular case, sellers can break the price and reduce the price to $ 200. However, since the remote level is retesting (since the beginning of May), this is unlikely to break for the first time. In summary, traders can expect an increase of $ 250 immediately after the $ 220 support.