- ETH price remained supported on the downside near $210 against the US Dollar.
- There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is likely heading towards a major break, which could open the doors for more gains towards $260.
Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD might break higher soon and trade above $240 in the near term.
Ethereum Price Resistance
This past week there was relief for ETH price as it recovered well from the $135 low against the US Dollar. The price after trading as low as $136.16 started a nice upward move. It traded above the 23.6% Fib retracement level of the last decline from the $316.36 high to $136.16 low. This move opened the doors for a decent recovery above $180 in the near term. The next major upside move was above the $205 resistance, which encouraged buyers to step up the momentum.
Later, the price was able to move above the 38.2% Fib retracement level of the last decline from the $316.36 high to $136.16 low and the 100 simple moving average (H4). At the moment, the price is trading near a major hurdle at $232-235. There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD. The price is currently approaching a break and may most likely break the $235 resistance for a move towards $260.
The 50% Fib retracement level of the last decline from the $316.36 high to $136.16 low is also around $230. So, an upside break would mean more gains probably towards the $250 or $260 levels.
4-hours MACD – The MACD is currently placed well in the bullish zone.
4-hours RSI – The RSI is heading higher above the 50 level.
Major Support Level – $205.00
Major Resistance Level – $235.00
Charts courtesy – SimpleFX