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 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.
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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.