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Ethereum is trading in a strong uptrend above the $230 pivot zone against the US Dollar. ETH price is likely to continue higher above the $245 and $250 resistance levels.
- Ethereum started a downside correction from the $250 resistance zone.
- The price corrected below the $240 level, but it found support near the $230 level.
- There is a major bullish trend line forming with support near $232 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above the $245 and $250 resistance levels.
Ethereum Price Could Revisit $250
Ethereum price is following a bullish path and it recently surged above the $240 level. ETH price gained pace and surged towards the $250 resistance zone, with a close above the 100 hourly simple moving average.
A high was formed near $250 before ether price corrected lower. There was a break below the $240 level, but the $230 level acted as a strong support. A low is formed near $229 and the price is currently rising.
There was a break above the $235 level and a connecting bearish trend line on the hourly chart of ETH/USD. The price spiked above the 50% Fib retracement level of the downward move from the $250 high to $229 low.
However, the price seems to be struggling near the $240 level. It is close to the 61.8% Fib retracement level of the downward move from the $250 high to $229 low. If Ethereum gains pace above the $240 level, it is likely to revisit the $250 resistance zone.
Any further gains could start another major rally and the price might break the $260 and $265 levels in the coming sessions.
Dips Supported in ETH
If Ethereum fails to continue above the $240 level or $245, there might be another correction. An initial support is near the $235 level. The first major support is seen near the $232 level.
There is also a major bullish trend line with support near $232 on the same chart. If the price breaks the trend line support and also clears the $230 level, there is a risk of a larger decline in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with a minor bearish angle.
Major Support Level – $232
Major Resistance Level – $245
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