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