Ethereum is up around 2% and it broke the $ 232 resistance against the US Dollar. ETH has likely moved into a positive zone and it could continue to rise towards $ 240 or even $ 250.
- Ethereum is slowly gaining bullish momentum above the $ 232 resistance
- The price tested the $ 235 resistance and trading well above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $ 230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct a few points, but it is likely to resume its upside towards $ 240 or $ 250.
Ethereum Price Turns Green
After forming a strong support base above $ 225, Ethereum price started a fresh increase resistance against the US Dollar. ETH spiked above the $ 230 resistance from the $ 222 swing low to move into a positive zone.
The bulls gained strength above the $ 232 resistance and the price settled well above the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $ 230 on the hourly chart of ETH/USD.
Ether tested the $ 235 resistance and it is currently consolidating gains. An initial support is near the $ 233.50 level or the 23.6% Fib retracement level of the recent surge from the $ 227 low to $ 235 high.
Ethereum price tests $ 235. Source: TradingView.com
The main support is now near the $ 232 level. It is close to the recent breakout zone and coincides with the 50% Fib retracement level of the recent surge from the $ 227 low to $ 235 high. On the upside, the $ 235 level is an immediate resistance level.
The current price action suggests that ether could rise further above $ 235. The next key resistance is near the $ 240 level, above which the price is likely to grind higher towards the $ 250 resistance zone in the near term.
Dips Supported in ETH
The $ 232 level is likely to act as a strong support for Ethereum, followed by $ 230. If the bulls fail to defend the $ 230 level, there is a risk of a sharp decline.
The next key support is near the $ 225 level, below which the price could continue to decline towards the $ 218 and $ 215 levels.
Hourly MACD – The MACD for ETH/USD is gaining traction in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level, with bullish signs.
Major Support Level – $ 230
Major Resistance Level – $ 235
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