Ethereum price climbed higher towards $235.00 recently. ETH/USD is currently correcting lower, but it is well supported near the $228.00 and $227.00 levels.

Ethereum Price

  • Ethereum price is following a bullish path above the $227.00 level.
  • XRP/USD is trading in an ascending channel with support at $229.00 on the 30-minute chart.
  • The price must break the $232.50 and $235.00 resistances to trade further higher.

Ethereum Price Analysis

After forming a low at $22049, Ethereum price started an upside move and traded above the $225.00 and $227.00 resistance levels. The price even broke the $232.00 resistance and traded towards the $235.00 level.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair spiked towards $235.00 level and formed a high at $234.93. Later, there was a downside correction and the price declined below the $232.00 level.

There was also a break below the 23.6% Fib retracement level of the move from the $224.27 low to $234.93 high. The decline was such that the price dropped below the $230.00 level, but it recovered later.

At the outset, the price is trading above the 25 simple moving average (30-min) and the 50% Fib retracement level of the move from the $224.27 low to $234.93 high.

On the downside, there is a strong support formed near the $229.00 and $227.00 levels. Besides, the pair is trading in an ascending channel with support at $229.00 on the same chart. Therefore, if the price dips from the current levels, it could find support near the channel or $228.00.

Below the channel support, the $227.00 level may well act as a strong support since it was a resistance earlier. If sellers gain control below $227.00, the price is likely to test the $224.00 support.

On the other hand, Ethereum price (ETH) needs to surpass the $232.00 and $235.00 resistance levels to trade further higher. The RSI on the same chart is following a bearish trend line with resistance at 56, above which buyers are likely to take control in the near term. The next targets could be $238.00 and $244.00.

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *