Key Highlights
- ETH price traded higher and spiked above the $230 resistance against the US Dollar.
- There is a key ascending channel in place with support at $226 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported above the $224 and $226 levels in the near term.
Ethereum price slowly climbed higher against the US Dollar and bitcoin. ETH/USD could correct lower, but the $224 support is likely to hold losses.
Ethereum Price Analysis
There was an upside move above the $226 level in ETH price against the US Dollar. The ETH/USD pair spiked above the $230 resistance and formed an intraday high at $230.74. Later, it started a downside correction and declined below $228. There was a break below the 23.6% Fib retracement level of the recent wave from the $222 low to $230 high. However, there are many supports near the $224 and $226 levels.
At the moment, the price is testing the previous resistance (now support) near $225-226. There is also a key ascending channel in place with support at $226 on the hourly chart of ETH/USD. Below the channel support, the 100 hourly simple moving average is positioned near the $224 level. More importantly, the 61.8% Fib retracement level of the recent wave from the $222 low to $230 high is near $225. Therefore, if the price corrects lower, it is likely to find a strong support near $224-226. Below $224, the price could continue to move down towards the $222 low in the near term.
Looking at the chart, ETH price is showing positive signs above the $224 support. However, buyers need to clear the $230 resistance area to push the price further higher. The next key resistances on the upside are seen near the $238 and $244 levels.
Hourly MACD – The MACD is slowly moving back in the bearish zone.
Hourly RSI – The RSI is currently placed just above the 50 level.
Major Support Level – $224
Major Resistance Level – $230
