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14 Feb 2020
2 min read

ETH/USD Price: Completing A Double Cycle Above $300

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Written by OspreyFX News Team

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.

ETH/USD Price: Aiming to complete a double cycle above $265

  • The second largest Crypto by market cap is currently rallying above the $265 handle.
  • Will it retrace its recent gains or will the bull run continue?

Ethereum is aiming to complete a double cycle rallying above the $265 level

If there is one cryptocurrency worth mentioning when doing a category of bulls’ dominance across the board, it’s Ether. It’s currently rallying above the $265 handle. This ongoing bullish run comes in the context of a rebound above the 50 SMA at the 4H chart.

Also, a double cycle formation is underway in the aforementioned timeframe. Now, Ethereum is facing resistance around $274.39.

A 100% Fibonacci extension zone served as a first hurdle that ETH/USD managed to jump over in the first week of February 2020, opening the doors to test fresh yearly highs and thus consolidating around that area. The “king’s” bullish move favored all cryptos, as BTC filtered with the $10K critical handle.

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Double cycle underway to the upside

However, it should be noted that a retracement happened and a range-bound has been established for the short term, at least.

If Ether manages to break above the resistance level of $274.39, the next target to test will be the $288.26 area. Ahead of a critical region and round-figure at $300.

Such a level should act as a strong barrier in capping further gains.

Beyond the aforementioned zone, ETH/USD could target the 261.8% Fibonacci extension level at $303.45, here, completion of a second cycle could happen.

Will Ether re-test $220?

In a bearish scenario, Ethereum could retrace its recent gains and test the $251 level to a first degree. If it gives up in favor of the bears’ force, sellers’ focus will shift towards the $221.94 level.

A breakout below should open the doors to test the 200 SMA at the 4H chart, where dynamic support lies to give fresh impetus.

Technical oscillators are hovering within the extreme territory. The RSI indicator remains slightly above the 70 level. Also, momentum is signaling a further deacceleration of the bullish steam in coming days.

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.