- Ethereum price is currently recovering from the $215 support zone against the US Dollar.
- ETH price is now facing a couple of important hurdles near the $230 level.
- There is a major bearish trend line forming with resistance near $230 on the 4-hours chart (data feed from Coinbase).
- The pair could either rally above the $230 resistance or decline again below $220.
Ethereum price is trading near a key juncture at $230 against the US Dollar. ETH/USD must break the $230 barrier to continue higher in the near term.
Ethereum Price Analysis
This past week, Ethereum price broke the $230 and $228 support levels against the US Dollar. ETH price even settled below the $230 level and the 55 simple moving average (4-hours).
It tested the $215 level and recently started an upside correction. There was a decent recovery wave above the $220 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $248 swing high to $215 low.
However, the price is now facing a couple of important hurdles near the $230 level. There is also a major bearish trend line forming with resistance near $230 on the 4-hours chart.
Above the trend line, the $232 level is the next major hurdle along with the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $248 swing high to $215 low is also near the $232 level.
Therefore, the price might face a strong resistance near the $230 and $232 levels. A successful break above the $232 level could open the doors for a fresh increase towards the $248 and $250 levels.
Conversely, the price might fail to clear $230 and start a fresh decline. An initial support is near the $222 level, below which the price will most likely revisit the $215 low. Any further losses may push ether price towards the $205 support level in the near term. The next major support is near the $200 handle.
Looking at the chart, Ethereum price is clearly facing a strong resistance near $230, $232, and the 55 SMA. Therefore, it could either rally above the $230 resistance or decline again below $220.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.
Key Support Levels – $220, followed by the $215 zone.
Key Resistance Levels – $230 and $232.
