Ethereum continues to press against critical resistance, as ETH/USD bulls attempt to rally the cryptocurrency to a new multi-month high.
Ethereum price analysis shows that a sustained breakout above the $250.00 level should see the cryptocurrency testing towards the $290.00 level.
ETH/USD medium-term price trend
Ethereum remains well supported by dip-buying interest as the cryptocurrency presses against key trendline resistance on the daily time frame.
Ethereum technical analysis shows that gains above the $250.00 level expose further upside towards the $290.00 level.
The daily time frame shows that if the ETH/USD pair reaches the $290.00 level then a large inverted head-and-shoulders pattern will form.
According to the size of the potential bullish pattern then the ETH/USD pair could rally towards the $500.00 level over the medium term.
It is also noteworthy that a major breakout from a long-term triangle pattern will take place if the price breaks out from the $250.00 level.
ETH/USD short-term price trend
Ethereum technical analysis shows that the cryptocurrency is bullish over the short term while the price trades above the $217.00 level.
The four-hour time frame currently shows that a symmetrical triangle pattern has formed.
According to the size of the neutral pattern, the ETH/USD pair could rally towards the $275.00 level, if bulls move the price above the $250.00 level.
Technical analysis shows that a drop below the $240.00 level could cause the ETH/USD pair to decline towards the $217.00 level.
Traders who are bullish towards the ETH/USD pair may wait for a breakout above the $250.00 level or a pullback towards the $217.00 support areas.
ETH/USD technical summary
Ethereum technical analysis highlights that the ETH/USD pair could stage a major rally if the price settles above the $250.00 level. The $290.00 level is seen as a likely upside target.