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Ethereum Smashes Crucial Hurdle And It Could Rally To $250

Aayush Jindal by Aayush Jindal
3 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum formed a strong support base above the $224 level against the US Dollar. ETH is up over 3% and it broke the key $230 and $232 resistance levels.

  • Ethereum is gaining bullish momentum above the $230 pivot and the 100 hourly simple moving average.
  • The price is up more than 3% and it even tested the $235 resistance level.
  • There was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is showing positive signs and it seems like it could continue to rise towards $240 and $250.

Ethereum Price is Surging

In the past few days, Ethereum price formed a strong support base above $224 against the US Dollar. ETH price started a fresh increase and surpassed a couple of important hurdlers near $228 and $230.

The bulls gained strength, resulting in a steady rise above the $230 resistance the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD.

The pair even climbed above the $232 resistance and tested the $235 region. It is currently correcting lower and trading near the 23.6% Fib retracement level of the recent upward move from the $223 swing low to $235 high.

Ethereum Price

Ethereum price rallies 3%. Source: TradingView.com

On the downside, the first major support is near the $230 level (the recent breakout zone) and the trend line. It is close to the 50% Fib retracement level of the recent upward move from the $223 swing low to $235 high.

Once the current correction wave is complete, there are chances of another increase above the $235 resistance zone. In the mentioned case, ether price might continue to rise towards the $245 and $250 resistance levels in the coming sessions.

Another Failure in ETH?

If Ethereum fails to remain stable above the $230 support, there is a risk of a false upside break. A bearish close below the $230 support might spark a fresh decline.

The next major support is near the $224 level, below which the bears are likely to eye a sustained downward move.

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 near the overbought zone.

Major Support Level – $230

Major Resistance Level – $235

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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