- ETH price remained confined in a tiny range above the $220 support against the US Dollar.
- There is a short-term contracting triangle pattern with resistance near $236 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the downside, the triangle support is near $220 and the 100 hourly simple moving average.
Ethereum price remained neutral to bullish against the US Dollar and Bitcoin, and now it looks like ETH/USD is preparing for a major break above $236.
Ethereum Price Bullish Trend
There was not much of action in ETH price as it traded in a range above the $220-215 support area against the US Dollar. The price made no major move, but was well placed above the $220 level and the 100 hourly simple moving average. It recently traded as high as $237.41 before starting a consolidation phase. The price even tested the 38.2% Fib retracement level of the last wave from the $185.43 low to $237.41 high. The downside move was limited and contained by the $215 and $205 support levels.
At the moment, there is a short-term contracting triangle pattern with resistance near $236 forming on the hourly chart of ETH/USD. The triangle pattern resistance at $236-240 may play a major role for the next move in the near term. Since the price is above the $220 level and the 100 hourly simple moving average, there are chances of an upside break. If buyers gather pace above $240, there can be an easy break above $250.
The price needs to stay above the $220-205 support area for an upside break. All in all, the current bias is positive for ETH and pointing more gains above $236 in the short term.
Hourly MACD – The MACD is mostly flat in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level and heading higher.
Major Support Level – $220
Major Resistance Level – $236
Charts courtesy – SimpleFX