- Ethereum price is trading in an uptrend above the $240 support against the US Dollar.
- ETH price must break the $248 and $252 resistance levels for more gains.
- There is a key bullish trend line forming with support near $240 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to accelerate higher towards $265 if it clears the $252 level.
Ethereum price is showing a few positive signs above $240 against the US Dollar. ETH/USD is currently struggling to gain strength above the $248 and $252 resistance levels.
Ethereum Price Analysis
After a strong surge, Ethereum price failed to retain strength above the $250 level against the US Dollar. ETH price traded as high as $253 and later corrected lower below the $240 level.
However, the price found support near the $225 level and remained well bid above the 55 simple moving average (4-hours). In the past few days, the price recovered from $225 and climbed above the $240 level.
There was a break above the 50% Fib retracement level of the downward move from the $253 high to $225 low. On the upside, the price seems to be facing a strong resistance near the $248 and $252 levels.
Ethereum is also struggling to gain pace above the 76.4% Fib retracement level of the downward move from the $253 high to $225 low. On the downside, there is a key bullish trend line forming with support near $240 on the 4-hours chart.
If the price fails to stay above the trend line support, it could start a fresh decline below the $240 level. A successful close below the 55 simple moving average (4-hours) may perhaps push the price back towards the $225 support level in the near term.
Conversely, the price could start a major upward move above the $248 and $252 resistance levels. In the mentioned case, the bulls are likely to aim a test of the $265 level. Any further gains might lead the price towards the $280 resistance zone in the coming sessions.
Looking at the chart, Ethereum price is trading in an uptrend above the $240 support. It seems like the price is likely to accelerate higher towards $265 if it clears the $252 level. If not, it could dive to $225 or $220.
Technical indicators
4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.
Key Support Levels – $240, followed by the $225 zone.
Key Resistance Levels – $252 and $265.
