Ethereum Price Technical Analysis – ETH/USD Eyeing Upside Break

Key Highlights

• ETH price remained confined in a tiny range above the $220 support against the US Dollar.
• There is a short-term contracting triangle pattern with resistance near $236 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• On the downside, the triangle support is near $220 and the 100 hourly simple moving average.

Ethereum price remained neutral to bullish against the US Dollar and Bitcoin, and now it looks like ETH/USD is preparing for a major break above $236.

Ethereum Price Bullish Trend

There was not much of action in ETH price as it traded in a range above the $220-215 support area against the US Dollar. The price made no major move, but was well placed above the $220 level and the 100 hourly simple moving average. It recently traded as high as $237.41 before starting a consolidation phase. The price even tested the 38.2% Fib retracement level of the last wave from the $185.43 low to $237.41 high. The downside move was limited and contained by the $215 and $205 support levels.

At the moment, there is a short-term contracting triangle pattern with resistance near $236 forming on the hourly chart of ETH/USD. The triangle pattern resistance at $236-240 may play a major role for the next move in the near term. Since the price is above the $220 level and the 100 hourly simple moving average, there are chances of an upside break. If buyers gather pace above $240, there can be an easy break above $250.

The price needs to stay above the $220-205 support area for an upside break. All in all, the current bias is positive for ETH and pointing more gains above $236 in the short term.

Hourly MACD – The MACD is mostly flat in the bullish zone.

Hourly RSI – The RSI is currently above the 50 level and heading higher.

Major Support Level – $220

Major Resistance Level – $236

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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