Ethereum price surged above the $220.00 resistance area and traded at $230.00. ETH is in a strong uptrend and it could continue higher towards $250.00 in the near term.
- Ethereum price retained bullish strength and recently broke the key $220.00 resistance.
- A short term bullish trend line is forming with support at $222.20 on the 30-minute chart.
- ETH price just broke $230.00 to start the next leg higher towards the $250.00 resistance.
Ethereum Price Analysis (ETH to USD)
Bitcoin price started a downside correction recently, but Ethereum price extended gains above the $215.00 level. ETH broke the key $220.00 resistance and traded to a new 2019 high near the $229.68 level.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair remained in a strong uptrend above the $203.20 pivot level and the 25 simple moving average (30-min). The bulls were successful in pushing the price to a new weekly high above $220.00 and still there are no major bearish signs.
The price corrected slightly below $228.00 and tested the 23.6% Fib retracement level of the recent wave from the $203.45 low to $229.68 high. An immediate support is near $222.00 and a short term bullish trend line at $222.20 on the same chart.
If there is a downside break below the trend line, the price could test the $216.50 support or the 25 simple moving average (30-min).
Besides, the 50% Fib retracement level of the recent wave from the $203.45 low to $229.68 high is near the $216.57 level to act as a support. The main support is near $212.20 and another bullish trend line on the same chart.
Therefore, if there is a downside correction, the $216.50 or $212.20 supports are likely to act as strong buy zones. On the upside, a clear break above the $230.00 level could open the gates for more gains in Ethereum price towards the $242.00 or $244.00 level.
The main hurdle for ETH bulls is near the $250.00 level, where sellers might take a stand and start a substantial downside correction.
The market data is provided by TradingView, Bitfinex.