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Ethereum price analysis: Bulls could test $260.00 level

By Nathan Batchelor

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 price analysisEthereum 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.

Ethereum price analysisA 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.

Ethereum to US Dollar
Daily change
201.6
Low: 196.83
High: 203.8
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