- 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.
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.
