Ethereum Price Technical Analysis – ETH/USD Triangle Break Near?

Key Highlights

• There was a stable bias, as ETH price traded above the $210 support zone against the US Dollar.
• There is a contracting triangle pattern with resistance at $220 on the hourly chart (ETH/USD, data feed via SimpleFX).
• The pair is about to break the $220 resistance to challenge sellers in the near term.

Ethereum price maintained its bullish bias against the US Dollar and Bitcoin, and ETH/USD is now looking to break $220 for a move towards/above $228.

Ethereum Price to Gain Further?

It’s all bullish above $200 for ETH price against the US Dollar. The recent price action is positive, and suggest more gains above $2250-230 in the near term. There was a minor dip from the $228 high towards the $200 level where buyers appeared and pushed the price higher. The downside move was protected by the 23.6% Fib retracement level of the last wave from the $135 low to $228 high.

The price is back in the bullish zone, and currently following a nice bullish pattern above $212. There is contracting triangle pattern with resistance at $220 on the hourly chart of ETH/USD. The pair is currently testing the triangle resistance at $220, and attempting a break above it. Once it does, there can be a test of $228. Above 228, there is a chance of an extension towards the $235 level.

On the downside, the triangle support is at $208. It also coincides with the 38.2% Fib retracement level of the last wave from the $178 low to $227 high. So, if the price moves down a few points, it is likely to find support at $209-210. Most likely, there will be an upside break towards $235 in the near term.

Hourly MACD – The MACD is slowly reducing slope in the bullish zone.

Hourly RSI – The RSI is currently at 56 and remains supportive of more gains.

Major Support Level – $209

Major Resistance Level – $228

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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