Key Highlights
- ETH price climbed higher and broke the $222 and $225 resistance levels against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now placed nicely above the $225 level and it seems like it could continue to move above $230.
Ethereum price is trading with a positive bias against the US Dollar and bitcoin. ETH/USD may gain bullish momentum with a close above the $230-232 zone.
Ethereum Price Analysis
During the past two sessions, there was a nice upside move above the $220 level in ETH price against the US Dollar. The ETH/USD pair gained traction and moved above the $222 resistance and the 100 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the last major downside from the $248 high to $204 low.
It opened the doors for more gains and the price traded above $225. During the upside, there was a break above a crucial bearish trend line with resistance at $227 on the hourly chart of ETH/USD. The pair spiked above the $230 level, but it failed to hold gains. It seems like the 61.8% Fib retracement level of the last major downside from the $248 high to $204 low acted as a strong resistance. The price is currently consolidating in a range above the $225 level and it seems like there could be more gains in the near term. Above $230 and $232, the price may perhaps rise towards the $242 and $245 levels.
Looking at the chart, ETH price remains supported on dips near $227 and $225. Additionally, the 100 hourly SMA at $222 is also likely to act as a strong support for buyers.
Hourly MACD – The MACD is moving in the bullish zone.
Hourly RSI – The RSI is currently placed well above the 60 level.
Major Support Level – $225
Major Resistance Level – $232