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Key points
- The ETH price rose higher and broke resistance levels $ 222 and $ 225 against the US dollar.
- There was a break above a fundamental bearish trend line with resistance to $ 227 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is now positioned well above the $ 225 level and looks like it could continue moving above $ 230.
The price of Ethereum is traded in a positive direction against the US dollar and bitcoin. The ETH / USD could gain bullish momentum with a close above the $ 230-232 zone.
Price analysis of Ethereum
In the last two sessions, there was a nice upward movement above the $ 220 level in the ETH price compared to the US dollar. The ETH / USD pair gained traction and exceeded the resistance of $ 222 and the simple 100-hour moving average. Furthermore, there was a break above the 50% fiber retracement level of the last major downtrend from $ 248 upwards to $ 204 below.
He opened the door for further gains and the price was trading above $ 225. During the upside, there was a break above a fundamental bearish trend line with resistance to $ 227 on the hourly chart. 39; Eth / USD. The pair exceeded the $ 230 level, but failed to keep earnings. It seems that the 61.8% retracement level of Fib of the last big discount from the minimum of $ 248 to the minimum of $ 204 has acted as a strong resistance. The price is currently consolidating in a range above the $ 225 level and it seems there could be more gains in the short term. Above $ 230 and $ 232, the price could rise to $ 242 and $ 245 levels.
Looking at the chart, the ETH price remains supported on dips near $ 227 and $ 225. In addition, the 100-hour SMA at $ 222 is also likely to act as a strong support for buyers.
MACD time – The MACD is moving in the bullish zone.
RSI timetable – The RSI is currently positioned well above level 60.
Main support level: $ 225
Main resistance level: $ 232
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