Ethereum price surged above the $208.00 resistance to move into a bullish zone. ETH/USD buyers must break the $235.00 resistance to accelerate gains in the near term.

  • Ethereum price rallied above the $208.00 and $210.00 resistance levels to climb into a positive zone.
  • ETH/USD broke a major bearish trend line with resistance at 213.00 on the 30-minute chart.
  • The price struggled to clear the $235.00 and $240.00 resistance levels.

Ethereum Price

Ethereum Price Analysis

During the past three sessions, there was a brief consolidation in Ethereum price below the $200.00 resistance. Later, the price formed a base near the $192.00 level and started an upward move.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair rallied and broke many resistances on the way up like $198.00, $200.00, $208.00 and $210.00. Moreover, there was a close above the $208.00 level and the 25 simple moving average (30-min).

During the rise, there was a break above a major bearish trend line with resistance at 213.00 on the same chart. The price even rallied above the $225.00 level and tested the crucial $235.00 and $240.00 resistances.



There was a sharp rejection, but the current price action indicates that buyers are in control above the $200.00 barrier. An initial support is near the $216.00 level and the 50% Fib retracement level of the recent rise from the $194.46 low to $239.21 high.

The most important support is near the $212.00 level and the broken trend line. It also coincides with the 61.8% Fib retracement level of the recent rise from the $194.46 low to $239.21 high.

Therefore, if the price corrects lower, the previous resistances near $216.00 and $212.00 are likely to protect declines. On the upside, the most important hurdles for buyers are at $235.00 and $240.00.

Overall, the bias is very positive for Ethereum price above the $212.00 level. However, buyers need to clear the $235.00 and $240.00 resistance levels to hold gains and push the price further higher towards the $250.00 and $260.00 levels.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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