HomeAltcoin NewsEthereum Price Analysis: ETH Signaling Strong Rally Above $245

Ethereum Price Analysis: ETH Signaling Strong Rally Above $245

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  • Ethereum price is now trading in a positive zone above the $234 pivot level against the US Dollar.
  • ETH price is currently correcting lower from $244, but it is well above the $235 level.
  • There was a break above a crucial bearish trend line with resistance near $230 on the 4-hours chart (data feed from Coinbase).
  • The pair could correct lower, but the $234 and $232 levels are likely to protect heavy losses.

Ethereum price is trading with a bullish bias above $234 against the US Dollar. ETH/USD must stay above $232 to continue higher towards the $250 and $255 levels.

Ethereum Price Analysis

In the past few days, Ethereum price formed a strong support base above the $222 level against the US Dollar. ETH price started a fresh increase and surpassed the $228 and $230 levels to move into a positive zone.

There was also a close above the $232 level and the 55 simple moving average (4-hours). During the rise, there was a break above a crucial bearish trend line with resistance near $230 on the 4-hours chart.

The pair gained pace above the main $234 pivot level and surged above $240. It traded as high as $244 and it is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent rise from the $223 low to $244 high.

On the downside, the first major support is near the $234 pivot level. It is also close to the 50% Fib retracement level of the recent rise from the $223 low to $244 high.

The next major support is near the $232 level, below which the bulls are likely to lose control in the near term. Conversely, the price might resume its rise after it completes the current correction wave near $234 or $232.

On the upside, an initial resistance zone is near the $242 and $244 levels. The main hurdle is near the $245 level, above which the bulls are likely to aim a strong break above the $250 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above the $234 and $232 levels. Therefore, it could soon resume its upward move towards $250 unless there is break below the $232 support.

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 just above the 60 level.

Key Support Levels – $234, followed by the $232 zone.

Key Resistance Levels – $245 and $250.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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