Ethereum price analysis: Bulls could test $260.00 level
Ethereum price analysis highlights that price is trading within a rising price channel. The ETH/USD pair could move towards the top of the price channel, around the $260.00 level.
Ethereum is starting to rise alongside the broader market as the second-largest cryptocurrency once again firms above the $200.00 level.
Ethereum price analysis shows that the cryptocurrency could rise towards dual technical resistance, around the $250.00 resistance level this week.
ETH/USD medium-term price trend
Ethereum is starting to track Bitcoin higher, following a period of directionless trading for the ETH/USD pair.
It is certainly noteworthy that BTC/USD has been outpacing ETH/USD in terms of gains this month.
Ethereum technical analysis shows that bulls could test towards the top of a large triangle pattern, around the $260.00 level.
The daily time frame shows that the ETH/USD pair has been trapped within a large triangle pattern between the $130.00 and $260.00 levels.
If bulls can move price above the $230.00 level this week then a strong advance towards the $260.00 resistance remains possible.
It is noteworthy that if bulls break above the $260.00 level then the ETH/USD pair could start to surge higher, with the $400.00 level a possible upside target.
ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency has a bullish short-term bias while the price trades above the $190.00 level.
The four-hour time frame currently shows that the cryptocurrency is trading back inside a rising price channel.
A false downside breakout occurred from the rising price channel last week. Bulls may now look to target the top of the price channel, around the $260.00 level.
According to the size of the price channel, the ETH/USD pair could rally by as much as $70.00, if the $260.00 resistance level is breached.
ETH/USD technical summary
Ethereum technical analysis shows that the ETH/USD pair could start to target the $260.00 resistance level. A breakout above the $260.00 level should be considered extremely bullish.