Weekly analysis of the price of Ethereum: ETH / USD consolidating above $ 225


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.

Weekly analysis of the price of Ethereum ETH

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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