Ethereum Holds Strong at $225: A Strengthening Case for Upside

Aayush Jindal

Last Updated: June 12, 2024 9:18 am

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum is holding strong above the $225 support level against the US Dollar. ETH is slowly rising and it is likely to continue higher towards $235 and $240.

Ethereum is following a bullish path and it recently spiked above the $230 resistance level.
The price could correct a few points, but the $228 and $225 levels are important supports.
This week’s followed a crucial ascending channel is active with support near $228 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards $235 after a short-term downside correction.

Ethereum Price is Showing Positive Signs

In the past three days, Ethereum price followed a bullish path above the $220 pivot level against the US Dollar. ETH price gained pace above the $225 resistance level and the 100 hourly simple moving average.

The recent upward move was positive, and ether traded above the $228 and $230 resistance levels. It traded to a new weekly high at $233 and it is currently correcting lower. It tested the 23.6% Fib retracement level of the recent upward move from the $225 swing low to $233 high.

The previous resistance at $230 might act as a support, but the first major support is near the $228 level. More importantly, this week’s followed a crucial ascending channel is active with support near $228 on the hourly chart of ETH/USD.

Chart from Tradingview.com

The channel support is close to the 50% Fib retracement level of the recent upward move from the $225 swing low to $233 high. It seems like ether price might a strong buying interest near the channel support, $226, and the 100 hourly SMA.

On the upside, the $232 level is an initial resistance. The next key resistance is near the $235 level, above which the price might rally towards the $240 and $245 levels.

Dips Supported in ETH

If Ethereum corrects lower, the channel support and the 100 hourly SMA could provide a strong support. Any further losses may perhaps lead the price towards the $222 support zone.

A successful close below the $222 support will most likely decrease the chances of a sustained upward move towards the $250 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $228

Major Resistance Level – $232

Take advantage of the trading opportunities with Plus500

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

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.