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HomeAltcoin NewsEthereum Price Analysis: ETH Turns Green, But $250 Holds The Key

Ethereum Price Analysis: ETH Turns Green, But $250 Holds The Key

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  • Ethereum price is gaining momentum above the $238 resistance zone against the US Dollar.
  • ETH price is still facing a couple of key hurdles near the $248 and $252 levels.
  • There was a break above a crucial contracting triangle with resistance near $230 on the 4-hours chart (data feed from Coinbase).
  • The pair could correct lower in the short-term, but dips might be supported near $238 and $235.

Ethereum price is trading in a positive zone above $235 against the US Dollar. ETH/USD must break the $248 and $252 levels to continue higher in the coming days.

Ethereum Price Analysis

After a steady decline, Ethereum price remained well bid above the $220 level against the US Dollar. ETH price recovered above the $225 pivot level and consolidated for a few sessions.

Finally, there was an upside break above the $230 resistance zone and the 55 simple moving average (4-hours). There was also a break above a crucial contracting triangle with resistance near $230 on the 4-hours chart.

It opened the doors for more gains above the $235 and $238 resistance levels. The price spiked above the $245 level, but it failed to continue higher above the $248 level. It seems like the bulls are facing a couple of key hurdles near the $248 and $252 levels.

A high is formed near $247 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent rise from the $225 swing low to $247 swing high. An immediate support on the downside is seen near the $238 level.

The first key support is near the $235 and $236 levels. The 50% Fib retracement level of the recent rise from the $225 swing low to $247 swing high is also near the $236 level to provide support in the near term.

Any further losses may push ether price back into a bearish zone towards $225. Conversely, the price could continue to rise if it clears the $248 and $252 resistance levels in the coming sessions.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading in a positive zone above $235. It could correct lower in the short-term, but dips might be supported near $238 and $235.

Technical indicators

4 hours MACD – The MACD for ETH/USD is currently moving nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 60 level.

Key Support Levels – $238, followed by the $230 zone.

Key Resistance Levels – $248 and $252.

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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