Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price climbed higher and broke the $222 and $225 resistance levels against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now placed nicely above the $225 level and it seems like it could continue to move above $230.
Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH/USD may gain bullish momentum with a close above the $230-232 zone.
Ethereum Price Analysis
During the past two sessions, there was a nice upside move above the $220 level in ETH price against the US Dollar. The ETH/USD pair gained traction and moved above the $222 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last major downside from the $248 high to $204 low.
It opened the doors for more gains and the price traded above $225. During the upside, there was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD. The pair spiked above the $230 level, but it failed to hold gains. It seems like the 61.8% Fib retracement level of the last major downside from the $248 high to $204 low acted as a strong resistance. The price is currently consolidating in a range above the $225 level and it seems like there could be more gains in the near term. Above $230 and $232, the price may perhaps rise towards the $242 and $245 levels.
Looking at the chart, ETH price remains supported on dips near $227 and $225. Additionally, the 100 hourly SMA at $222 is also likely to act as a strong support for buyers.
Hourly MACD – The MACD is moving in the bullish zone.
Hourly RSI – The RSI is currently placed well above the 60 level.
Major Support Level – $225
Major Resistance Level – $232