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Key points
- The ETH price remained in a narrow range above support levels $ 222 and $ 223 compared to the US dollar.
- Yesterday's key bullish trend line is intact with support for $ 224 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is likely to rise higher slowly and may even exceed the resistances of $ 234 and $ 238.
The price of Ethereum is slowly taking hold against the US dollar and bitcoin. ETH / USD needs to clear the levels of $ 234, $ 236 and $ 238 to accelerate higher.
Price analysis of Ethereum
During the last hours, there have been above all changes in the range above the support of $ 222 in the ETH price compared to the US dollar. The ETH / USD pair traded at a low of $ 223 and then started an upward move. It traded higher and broke the $ 225 and $ 227 levels. There was also a break above the Fib retracement level of 23.6% from the recent decline from $ 239 high to $ 223 low.
Furthermore, there was a break above a short-term bearish trend line with resistance to $ 227 on the hourly chart of Eth / USD. The pair is currently trading above the simple 100-hour moving average and $ 228. Immediate resistance is $ 232. It represents the 50% Fibra retracement level of the recent decline from $ 239 up to $ 223 below. However, the most important resistance for buyers is around $ 234-236. If buyers manage to break the stated resistance, the price could gain traction towards $ 240 and $ 245. On the other hand, yesterday's key bullish trend line is intact with support for $ 224 on the hourly chart. # 39; Eth / USD.
Looking at the chart, the ETH price remains supported above $ 222 and $ 223 levels. The price could continue to be traded in a range above $ 223 before buyers attempt to go higher towards $ 240 and $ 245.
MACD time – The MACD is positioned well in the bullish zone.
RSI timetable – The RSI is currently moving higher and above level 50.
Main support level: $ 222
Main resistance level: $ 236
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