- ETH price traded with a positive tone above $210 against the US Dollar and remains well supported.
- There is a new connecting bullish trend line with support at $210 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the upside, a break above a bearish trend line at $232 is needed for more gains.
Ethereum price is gaining momentum against the US Dollar and Bitcoin, and now ETH/USD may jump above $232 for more gains towards $250.
Ethereum Price Support
There was a decent support formation in ETH price around the $210 level against the US Dollar. The price managed to hold losses and consolidated above $210. It traded higher and crawled above the 50% Fib retracement level of the last decline from the $255.80 high to $185.50 low. So, there are chances of more gains above $235 in the near term. However, the price needs to break the 61.8% Fib retracement level of the last decline from the $255.80 high to $185.50 low for a push towards $250.
On the downside, there is a new connecting bullish trend line with support at $210 forming on the hourly chart of ETH/USD. The price recently traded as high as $235.96 and currently trading in a range. On the downside, the most important support is near $210. It also coincides with the 50% Fib retracement level of the last wave from the $185.50 low to $235.96 high. Moreover, the 100 hourly simple moving average is also near $210, which is a great sign.
So, as long as the price is above $210, it may trade higher. On the upside, a break above a bearish trend line at $232 is needed for a move towards $250 or $260.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $210
Major Resistance Level – $235
Charts courtesy – SimpleFX