Ethereum Price Weekly Analysis – ETH/USD Breaking Higher

Key Highlights

• ETH price remained in a narrow range for a few sessions above $205 against the US Dollar, and currently looking for a break.
• The ETH/USD pair is about to break the range resistance at $2258 on the 4-hours chart (data feed via SimpleFX).
• Once there is a close above $230, the pair could head higher towards $245-250.

Ethereum price is breaking higher against the US Dollar and Bitcoin, and ETH/USD looks set for more gains above $228 in the near term.

Ethereum Price Nasty Gains

In the last analysis, we saw a few swing moves in ETH price above $205 against the US Dollar. The price traded in a range with a crucial resistance at $228. Recently, the price dipped towards $203 where it found strong bids and started moving higher. During the upside move, the price broke an intermediate resistance at $212, which opened the doors for more gains.

There was even a break above a bearish trend line at $210 on the 4-hours chart of ETH/USD, which is a good sign for buyers. At the moment, the price is attempting to break $228. It also represents the 1.236 extension of the last drop from the $203 high to $98 low. So, a break above it could open the doors for a test of $245-250. On the downside, there is a bullish trend line formed on the same chart with support at $212.

If the price fails to close above $228 in this leg, then any dip towards $212 can be seen as buying opportunity. In the weekly bias, there is a chance of ETH/USD breaking higher towards $250 very easily. On the downside the $205-200 levels remain a strong support and buy zone.

4-hours MACD – The MACD is still in the bullish zone.

4-hours RSI – The RSI is well above the 50 level, and heading higher towards 65.

Major Support Level – $205.00

Major Resistance Level – $228.00

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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