Ethereum trades very well above support levels of $ 240 and $ 230 against the US dollar. The price of ETH seems to be preparing for a sharp rise above the resistance levels of $ 250 and $ 255.
- The price of ETH evolves in an uptrend above the support zone $ 230 against the US dollar.
- A successful close above the $ 250 level could trigger a significant uptrend.
- A major trading triangle is forming with resistance close to $ 245 on the ETH / USD 4-hour chart (data via Kraken).
- The pair may also correct lower, but declines are expected to remain around $ 230 and $ 228.
Ethereum price may rebound again
Last week, Ethereum climbed above the $ 250 resistance level against the US dollar. The price of ETH reached $ 253, then began a downward correction under the support of $ 240.
The price fell below the $ 235 and $ 230 levels, but found solid support near $ 225 and the simple moving average of 100 (4 hours). The ether again surpassed the $ 235 level and recovered most of its losses.
It traded above 50% of the Fib retracement level from the drop of $ 253 to $ 230. He is now struggling to eliminate the resistance levels of $ 244 and $ 245. It also forms a major commercial triangle with resistance close to $ 245 in 4 hours. graphic from ETH / USD.
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The Fib retracement level of 61.8% of the retracement, from the highest of $ 253 to the lowest of $ 230, is also close to $ 245. So, if Ethereum clears the resistance of $ 245, it could continue to exceed the level. $ 250 of resistance.
Immediate resistance is close to the high of $ 253, above which there is a good chance of a steady progression towards the levels of $ 260 and $ 265 in the short term.
More disadvantages to ETH?
If Ethereum cannot continue above the resistance levels of $ 245 and $ 250, there is a chance of a further fall. Initial support is close to the $ 232 level.
The main support is close to the $ 230 level and the simple moving average of 100 (4 hours). If the price does not exceed the support of $ 230, the bears should take over and the ether could fall towards the level of $ 220.
Technical indicators
MACD 4 hours: The MACD for ETH / USD is about to move into the bullish zone.
4 hour RSI – The RSI for ETH / USD is currently well above the 50 level.
Major support level – $ 230
Major resistance level – $ 250