Key Highlights
- ETH price made a nice upside move and traded above the $225 level against the US Dollar.
- There was a break above a major contracting triangle with resistance at $228 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating in a range above the $225 and $228 support levels.
Ethereum price is holding gains versus the US Dollar and Bitcoin. ETH/USD could trade further higher as long as it is above the $225 support.
Ethereum Price Analysis
This past week, there was a decent support base formed near the $215-216 zone in ETH price against the US Dollar. The ETH/USD pair started an upside move and broke the $218, $220 and $225 resistance levels. The price moved into a bullish zone above the $225 level. It also settled above the $220 pivot level and the 100 simple moving average (4-hours).
There was also a break above the 50% Fib retracement level of the last decline from the $256 high to $203 low. During the upside move, there was a break above a major contracting triangle with resistance at $228 on the 4-hours chart of ETH/USD. The pair tested the $235-236 resistance zone and it is currently consolidating gains. It seems like the 61.8% Fib retracement level of the last decline from the $256 high to $203 low is acting as a resistance. If there is a break above the $236 resistance, there could be more gains in the near term. On the other hand, dips towards the $225 level and the 100 simple moving average (4-hours) remains supported.
The above chart indicates that ETH price could climb further higher as long as the price is above $220 and $225. Below $220, the price could extend its slide towards the $216 support level.
4-hours MACD – The MACD is slowly moving back into the bullish zone.
4-hours RSI – The RSI is currently well below the 55 level.
Major Support Level – $225
Major Resistance Level – $236
