Analysis

Ethereum Price Analysis: ETH/USD Breaks Key Resistance, $230 Next?

Key Highlights

  • ETH price traded higher and broke the $ 215 and $ 220 resistance levels against the US Dollar.
  • Yesterday’s highlighted key breakout pattern was breached with resistance at $ 208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded towards the $ 223 level and it remains well supported on dips near $ 216.

Ethereum price is climbing higher against the US Dollar and bitcoin. ETH/USD broke the important $ 215 resistance to move further into a bullish zone.

Ethereum Price Analysis

Recently, there was a minor downside correction from the $ 216 swing high in ETH price against the US Dollar. The ETH/USD pair traded lower and tested the $ 205-206 support area, which prevented declines. A base was formed and the price started a fresh upward move. There was a decent bounce and the price broke the $ 212 and $ 215 resistance level. The move was such that the price traded to a new weekly high above $ 220 and it is currently well above the 100 hourly simple moving average.

During the upside, yesterday’s highlighted key breakout pattern was breached with resistance at $ 208 on the hourly chart of ETH/USD. The price traded as high as $ 223 and it is currently retreating a few points. An initial support is the 23.6% Fib retracement level of the recent leg from the $ 206 low to $ 223 high. There is also a connecting bullish trend line in place with support at $ 216 on the same chart. If there is an extended correction, the price may test $ 214 or the 50% Fib retracement level of the recent leg from the $ 206 low to $ 223 high.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is trading with a lot of strength and it seems like dips near $ 216 or $ 215 remains well supported. On the upside, buyers could target the $ 230 level in the short term.

Hourly MACDThe MACD is placed nicely in the bullish zone.

Hourly RSIThe RSI is now near the overbought levels.

Major Support Level – $ 215

Major Resistance Level – $ 230

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