New analysis in the Ethereum latest news shows that the coin is now trading in a positive zone above $240 and $242 against the US dollar. If the uptrend continues, we could see an Ethereum price above $250 which would make it easier for ETH to reach the $300 mark that is desired by traders.

In the past few sessions, we could notice a steady rise above $240 from the token against the US dollar. ETH price tested the $245 levels yesterday before it initiated a downside correction.

Later on, the price corrected a few points but remained stable above $240 and the 100 hourly simple moving average. Fresh support base was formed and this is how the price of the token started a fresh increase above $240.

More importantly, we could spot a break above a bullish flag pattern. This now suggests that the Ethereum price above $250 could form a bullish momentum and even open the doors for more gains, climbing higher above $260 and $270 on its way to $300.

Now, a high is formed near $249 and the price of the coin is consolidating the gains in the latest cryptocurrencies news. An initial support is also near the $247 level, which is close to the 23.6% Fib retracement level of the recent wave from a $242 swing low to a $249 high.

There is also another key bullish trend line which is forming with support near $244 on the same chart. The trend line here coincides with the 50% Fib retracement level of the recent wave from a $242 low to a $249 high, which benefited Ethereum traders this week.

On the upside, we can see a crucial upside break above the $250 level, and the Ether price is likely to accelerate higher once there is a daily close above the $250 resistance. On the downside, the $244 level is a strong support zone.

Whatever comes next in the ETH news, we can see that the Ethereum price above $250 is a good indicator of further acceleration – once there is a daily close above the $250 resistance levels. On the downside, the $244 level is a strong support zone and failing to stay above it could mean new problems for the second largest coin out there.

• Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
• Hourly RSI – The RSI for ETH/USD is currently above the 60 level, keeping up with a positive momentum.
• Major Support Level – $244
• Major Resistance Level – $250

Source: https://www.dcforecasts.com/ethereum-news/ethereum-price-above-250-could-easily-reach-300/