- Ethereum price is up more than 10% and it is trading above $240 against the US Dollar.
- ETH price is showing a lot of positive signs, but it is facing hurdles near $250.
- There was a break above a crucial contracting triangle with resistance near $210 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher towards $280 if it clears the $250 resistance zone.
Ethereum price is trading in a bullish zone above $225 against the US Dollar. ETH/USD seems to be eyeing more upsides above the $250 and $255 levels in the near term.
Ethereum Price Analysis
After forming a strong support base above the $200 level, Ethereum price started a fresh increase against the US Dollar. ETH price broke many hurdles near $210 and $220 levels to move into a positive zone.
Moreover, there was a break above a crucial contracting triangle with resistance near $210 on the 4-hours chart. It opened the doors for more gains above the main $225 resistance. There was also a close above the $240 level and the 55 simple moving average (4-hours).
The price spiked above the $250 level and traded to a new weekly high at $252. It is currently consolidating gains near the $248 level. An initial support is near the $246 level. It is close to the 23.6% Fib retracement level of the recent rise from the $229 swing low to $252 high.
The first major support is seen near the $240 level or the 50% Fib retracement level of the recent rise from the $229 swing low to $252 high. Moreover, there is a connecting bullish trend line forming with support near $234 on the same chart.
Therefore, dips remain well supported on the downside near the $240 and $234 levels. Any further losses may perhaps start a major correction towards the $225 support zone (the previous breakout zone).
On the upside, the $250 and $252 levels are initial hurdles. A clear break above the $252 level could open the doors for more gains. The next major resistance is near $262, above which it could test $280.
Looking at the chart, Ethereum price is trading in a positive zone above $225. There could be a short term correction, but dips are likely to remain supported near $240 or $234.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 55 level.
Key Support Levels – $240, followed by the $234 zone.
Key Resistance Levels – $252 and $262.
