Ethereum price traded to a new weekly high at $242.62 before correcting lower. ETH/USD is holding the $210.00 support and it could continue to move higher.

  • Ethereum price is trading nicely above the $210.00 and $212.00 support levels.
  • ETH/USD broke a major triangle resistance at $216.00 on the 30-minute chart.
  • The price seems to be preparing for an upside ride towards the $225.00 and $230.00 levels.

Ethereum Price

Ethereum Price Analysis

Yesterday, Ethereum price rallied above the $225.00 and $230.00 resistances. A new weekly high was formed at $242.62 before the price corrected sharply lower.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair declined below the $230.00 and $225.00 level. There was also a break below the 61.8% Fib retracement level of the last ride from the $194.46 low to $242.62 high.

However, buyers were successful in preventing declines below the $208.00-210.00 support area. A low was formed at $208.35 and later the price recovered above the 25 simple moving average (30-min).

The price recovered above the 23.6% Fib retracement level of the recent decline from the $242.62 high to $208.35 low. Moreover, there was a break a major triangle resistance at $216.00 on the same chart to clear the path for more gains.

If the price settles above the $215.00-216.00 zone, there could be more upsides in the near term. The next resistance is near the 50% Fib retracement level of the recent decline from the $242.62 high to $208.35 low at $225.61.

Above $225.00, the price will most likely revisit the $230.00 resistance zone. On the other hand, if there is a downside correction, the price may find support near the $212.00 level and the 25 simple moving average (30-min).

The current price action and technical bias on the 30-minute chart and hourly chart is positive above the $210.00 and $212.00 supports. Therefore, Ethereum price is likely to resume its upside move above the $220.00 level unless sellers successfully push the price below the recent $208.35 low.

The market data is provided by TradingView, Bitfinex.


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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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