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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Bulls Waiting On Sidelines For Crucial Bullish Break Above $240

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

Ethereum is gaining traction and it recently recovered above the $225 resistance against the US Dollar. ETH price could rally if there is a clear break above $238 and $240.

  • Ethereum is slowly gaining momentum above the $220 and $225 levels against the US Dollar.
  • The price must climb above the $238 and $240 levels to start a significant and steady rise.
  • There was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is also recovering and it is now trading above the $8,800 level.

Ethereum Price Showing Positive Signs

In the past three sessions, Ethereum traded with a positive bias above the $220 resistance against the US Dollar. ETH price is up more than 4% and it broke the $225 resistance to move into a positive zone.

There was a proper close above the $225 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The pair remained well bid and it climbed above the $230 level. A new intraday high is formed near $235 and the price is currently correcting lower. There was a break below the $232 and $230 levels.

Besides, Ethereum traded below the 23.6% Fib retracement level of the recent upward move from the $212 low to $235 high. An initial support on the downside is near the $228 level and the 100 hourly simple moving average.

The next major support is near the $225 level (the recent breakout zone). The main support is now near the $223 level. It coincides with the 50% Fib retracement level of the recent upward move from the $212 low to $235 high.

Therefore, dips in Ethereum remain well supported near $225 and $223. On the upside, there are a few important resistances seen near $235, $238 and $240. A successful break and close above $240 is needed to start a significant upward move and a fresh rally.

Another Failure?

If Ethereum fails to continue higher above $238, it could decline below the $225 and $223 support levels. The next key support is seen near the $220 level.

Any further losses may perhaps lead the price back towards the $208 swing low in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs.

Major Support Level – $225

Major Resistance Level – $238

Tags: ETHethereum
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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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