Key Highlights
- ETH price remained in a tight range above the $222 and $223 support levels against the US Dollar.
- Yesterday’s highlighted key bullish trend line is intact with support at $224 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to climb higher slowly and it could even surpass the $234 and $238 resistances.
Ethereum price is slowly gaining traction against the US Dollar and bitcoin. ETH/USD needs to clear the $234, $236 and $238 levels to accelerate higher.
Ethereum Price Analysis
During the past few hours, there were mostly range moves above the $222 support in ETH price against the US Dollar. The ETH/USD pair traded as low as $223 and later started an upside move. It traded higher and broke the $225 and $227 levels. There was also a break above the 23.6% Fib retracement level of the recent decline from the $239 high to $223 low.
Moreover, there was a break above a short-term bearish trend line with resistance at $227 on the hourly chart of ETH/USD. The pair is currently trading above the 100 hourly simple moving average and $228. An immediate resistance is at $232. It represents the 50% Fib retracement level of the recent decline from the $239 high to $223 low. However, the most important resistance for buyers is near $234-236. If buyers succeed in breaking the stated resistance, the price could gain traction towards $240 and $245. On the other hand, yesterday’s highlighted key bullish trend line is intact with support at $224 on the hourly chart of ETH/USD.
Looking at the chart, ETH price remains supported above the $222 and $223 levels. The price may continue to trade in a range above $223 before buyers attempt an upside break towards $240 and $245.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently moving higher and is placed above the 50 level.
Major Support Level – $222
Major Resistance Level – $236
