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Ethereum Price (ETH) Breaks $225, Bitcoin Rallies 8% To $11,600
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price (ETH) Breaks $225, Bitcoin Rallies 8% To $11,600

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
sleepwalking, technical analysis ethereum

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  • ETH price gained bullish momentum and broke the $220 resistance level against the US Dollar.
  • The price even climbed above the $225 resistance and tested the $230 zone.
  • There was a break above a major bearish trend line with resistance near $221 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is gaining momentum above the $225 resistance and it could climb towards the $240 level.

Ethereum price is showing a lot of positive signs above $225 versus the US Dollar, while bitcoin rallied 8%. ETH price might continue to climb towards the $240 and $250 levels.

Ethereum Price Analysis

In the past few sessions, there were bullish moves in Ethereum price above $220 against the US Dollar. The ETH/USD pair formed a swing low near the $216 level and recently started a strong upward move. The pair climbed above the key $220 resistance level to start an uptrend. More importantly, bitcoin price rallied above $11,200 (as discussed in the weekly forecast).

During the rise, there was a break above a major bearish trend line with resistance near $221 on the hourly chart of ETH/USD. The pair even cleared the $225 resistance and settled well above the 100 hourly simple moving average. A swing high is formed near $231 and the price is clearly gaining strength. An immediate support is near the $227 level. The 23.6% Fib retracement level of the recent rally from the $216 low to $230 high is also near the $227 level.

However, the main support is near the $224 level. The 50% Fib retracement level of the recent rally from the $216 low to $230 high is also near the $227 level is also near the $224 level. Moreover, the $224-$225 zone represents the previous resistance zone. Therefore, the $224 zone is likely to act as a strong support in the near term.

On the upside, a clear break above the $232 level might start a push towards the $240 zone. If the bulls remain in action, there are chances of an upside break towards the $250 level in the coming sessions.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly gaining strength above the $225 level. Therefore, there are high chances of a solid rise towards the $240 and $250 resistance levels. Conversely, if there is a downside correction, the price is likely to find a lot of buying interest near the $224 level.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently well above the 70 level and in the overbought zone.

Major Support Level – $224

Major Resistance Level – $232

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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