Ethereum holding above $240 mean that buyers in control in spite of the low volatility.
ETH/USD consolidation could set the framework for gains towards $280.
After an exceptional move above $250, Ethereum hit a snag at $254. The recovery was in tandem with Bitcoin’s surge above $10,000. However, as Bitcoin retreat to levels around $9,300, ETH/USD tested the support at $230 and later reclaimed the position at above $240.
At the time of writing, Ether is trading at $243 amid low volatility and trading volume. In other words, Ethereum is gradually easing into consolidation. A move that could set the ground rolling towards the psychological resistance at $280.
The horizontally moving Relative Strength Index (RSI) puts emphasis on the possible sideways trading. As long as this indicator remains with the same direction movement, Ether is likely to hold above $240 in anticipation of another breakout.
In addition to that, the Elliot Wave Oscillator shows that buyers are ready to take control but lack the catalyst and energy to sustain gains towards $250. On the other hand, selling pressure continues to diminish, giving bulls a chance to explore the ground heading to $250.
ETH/USD daily chart
For now, low volatility and volume mean that no rapid price actions should be expected in the near term. However, in the case of declines below $240, the price would seek refuge at 61.8% Fibo, the trendline support, the 50-day SMA, and if push comes to shove $200.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com