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 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.
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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.