- ETH price week after gaining bids this past week moved higher and broke the $237 resistance against the US Dollar.
- There was a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair recently traded as high as $263.22 and any dips remain supported in the near term.
Ethereum price is back in the bullish trend against the US Dollar and Bitcoin. ETH/USD is now poised for more upsides above $260.
Ethereum Price Upside Surge
It seems like a bottom is formed in ETH price around the $140 level against the US Dollar. The price has recovered a lot during the past few days and recently broke a major resistance near $237. The upside move was decent and points a lot of strength above $230. During the upside move, the price also cleared another major resistance near $222 and the 100 simple moving average (H4).
There was also a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD. This is a great sign that ETH buyers are back in action with a close above $220. So, there are chances that the pair might continue to trade higher in the near term. It recently traded as high as $263.22 and currently correcting lower. An initial support is around the 23.6% Fib retracement level of the wave from the $218.38 low to $263.22 high.
However, the most important support is now near $237-240. It was a major resistance and now a crucial support at $237. Furthermore, the 50% Fib retracement level of the wave from the $218.38 low to $263.22 high is at $240.08. Overall, buying dips remain a good option near $237-240 in the short term.
4-hours MACD – The MACD is gaining pace in the bullish zone.
4-hours RSI – The RSI is currently in the overbought zone.
Major Support Level – $237
Major Resistance Level – $260.00
Charts courtesy – SimpleFX