- There was a stable bias, as ETH price traded above the $210 support zone against the US Dollar.
- There is a contracting triangle pattern with resistance at $220 on the hourly chart (ETH/USD, data feed via SimpleFX).
- The pair is about to break the $220 resistance to challenge sellers in the near term.
Ethereum price maintained its bullish bias against the US Dollar and Bitcoin, and ETH/USD is now looking to break $220 for a move towards/above $228.
Ethereum Price to Gain Further?
It’s all bullish above $200 for ETH price against the US Dollar. The recent price action is positive, and suggest more gains above $2250-230 in the near term. There was a minor dip from the $228 high towards the $200 level where buyers appeared and pushed the price higher. The downside move was protected by the 23.6% Fib retracement level of the last wave from the $135 low to $228 high.
The price is back in the bullish zone, and currently following a nice bullish pattern above $212. There is contracting triangle pattern with resistance at $220 on the hourly chart of ETH/USD. The pair is currently testing the triangle resistance at $220, and attempting a break above it. Once it does, there can be a test of $228. Above 228, there is a chance of an extension towards the $235 level.
On the downside, the triangle support is at $208. It also coincides with the 38.2% Fib retracement level of the last wave from the $178 low to $227 high. So, if the price moves down a few points, it is likely to find support at $209-210. Most likely, there will be an upside break towards $235 in the near term.
Hourly MACD – The MACD is slowly reducing slope in the bullish zone.
Hourly RSI – The RSI is currently at 56 and remains supportive of more gains.
Major Support Level – $209
Major Resistance Level – $228
Charts courtesy – SimpleFX
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