Ethereum Price Technical Analysis – ETH/USD Eyes Further Upsides

Key Highlights

• ETH price gained bullish momentum and traded towards $230 against the US Dollar.
• There is a connecting bullish trend line with support at $221 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• On the upside, a push above the recent high of $231.92 is needed for more gains.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin, and now ETH/USD might trade towards the $250 level.

Ethereum Price Support

The last two days price action was encouraging and suggests more gains in ETH price above $230 against the US Dollar. The price recently gained traction and moved above the $208 and $215 resistance levels. A new monthly high was formed near $231.29 where sellers emerged. The price is currently correcting lower, but remains supported above $220. It is currently testing the 23.6% Fib retracement level of the last wave from the $188.83 low to $231.29 high.

There is a connecting bullish trend line with support at $221 forming on the hourly chart of ETH/USD. The trend line support is above the 38.2% Fib retracement level of the last wave from the $188.83 low to $231.29 high. So, if the price corrects lower, it is likely to find bids near $220. Below $220, the previous resistance at $208 could be tested, which is a major support now.

The overall buying sentiment is stable as long as the price is above $208. The recent BTC hard fork did not have any major impact on the market. So, it seems like the price may recover in the near term above the $230 level. Buying dips in the short term towards $220-210 may be considered.

Hourly MACD – The MACD is now placed well in the bullish zone.

Hourly RSI – The RSI is now well above the 50 level and pointing bullish signs.

Major Support Level – $220

Major Resistance Level – $230

 

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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