Ethereum price tested the $225.00 resistance and later corrected lower. ETH/USD may perhaps correct towards the $214.00 level, which is a major support area.

  • Ethereum price traded further higher towards $225.00 before correcting lower.
  • ETH/USD broke an ascending curve pattern with support at $221.00 on the 30-minute chart.
  • The price may continue to correct lower towards the $214.00 or $215.00 support.

Ethereum Price

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Ethereum Price Analysis

Yesterday, we discussed that Ethereum price is likely to revisit the $219.00-220.00 zone. The price did gain pace, traded above the $220.00 zone, and spiked to a new weekly high near the $225.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair remained in a positive zone and traded above the $220.00 and $222.00 resistance levels. A fresh weekly high was formed at $225.07 before the price started a short term correction.

Sellers pushed the price below the $222.00 support and the 23.6% Fib retracement level of the last wave from the $207.83 low to $225.07 high. Moreover, there was a break below an ascending curve pattern with support at $221.00 on the same chart.

At the moment, the price is trading below $220.00 and the 25 simple moving average (30-min). If sellers remain in action, there are chances of more slides towards the $214.00-215.00 support area.

Besides, the 61.8% Fib retracement level of the last wave from the $207.83 low to $225.07 high is near $214.40 to provide support if the price continues to move down from the current levels. Any further declines below $214.00 could push the price back towards the $208.00 support area in the coming sessions.

On the other hand, if the $214.00-215.00 support area holds the current decline, the price could bounce back. An initial resistance on the upside is $222.00, above which the price may revisit the $225.00 swing high.

Therefore, there could be a downside extension in the short term towards $214.00, but buyers are likely to prevent major slides considering the current price action and technical structure.

The market data is provided by TradingView, Bitfinex.



Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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