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Key points
- The ETH price made a nice upward move and surpassed the $ 225 against the US dollar.
- There was a break above an important contractual triangle with resistance to $ 228 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair is currently consolidating in a range above support levels $ 225 and $ 228.
The price of Ethereum is increasing compared to the US dollar and Bitcoin. The ETH / USD could be further traded as long as it is higher than the support of $ 225.
Price analysis of Ethereum
Last week, a decent support base was created near the $ 215-216 zone of the ETH price against the US dollar. The ETH / USD pair started an upward move and broke the $ 218, $ 220 and $ 225 resistance levels. The price has moved into a bullish zone above the $ 225 level. It has also been positioned above the $ 220 rotation level and the 100 simple (4 hours) moving average.
There was also a break above the 50% fiber retracement level of the last decline from $ 256 up to $ 203 down. During the upward move, there was a rupture above a major contracting triangle with resistance to $ 228 on the 4-hour chart of Eth / USD. The pair tested the resistance zone $ 235-236 and is currently consolidating gains. It seems that the 61.8% retracement level of Fib of the last decline from the $ 256 high to the $ 203 is acting as a resistance. If there is a break above the resistance of $ 236, there could be more gains in the short term. On the other hand, downturns to the $ 225 level and the simple moving average to 100 (4 hours) are maintained.
The chart above indicates that the ETH price could rise further until the price exceeds $ 220 and $ 225. Below $ 220, the price could extend its slip to the support level of $ 216.
4-hour MACD: MACD is slowly returning to the bullish zone.
4-hour RSI – The RSI is currently well below level 55.
Main support level: $ 225
Main resistance level: $ 236
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