Key Highlights
- ETH price gained traction and moved above the $230 resistance against the US Dollar.
- There is a monster bullish trend line in place with support at $221 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to move higher as long as the $221 and $223 supports are intact.
Ethereum price is showing bullish signs against the US Dollar and bitcoin. ETH/USD is facing resistances near the $236 and $238 levels.
Ethereum Price Analysis
During the past few hours, there were bullish moves above $220 in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $226 and $230 resistance levels. There was even a spike above the $236 level and the price settled above the 100 hourly simple moving average. A high was formed at $239.31 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the last leg from the $213 low to $239 high.
However, declines were protected by the $224 level and the 100 hourly SMA. Moreover, there was no close below the 50% Fib retracement level of the last leg from the $213 low to $239 high. Below $226, the next key support is around the $223 level and the 61.8% Fib retracement level. More importantly, there is a monster bullish trend line in place with support at $221 on the hourly chart of ETH/USD. As long as the price is above the trend line, it remains supported for more gains above the $236 level. A break above the $239 high will most likely call for a surge towards the $250 level.
Looking at the chart, ETH price is showing positive signs above the $223 and $221 supports. Below these, the price may perhaps revisit the $213 swing low in the near term.
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $221
Major Resistance Level – $236
