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 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.
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.