Key Highlights
• ETH price remained supported above the $215 level against the US Dollar and moved higher.
• Yesterday’s highlighted short-term contracting triangle with resistance near $220-218 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
• There pair is slowly moving higher, but lacks bullish momentum for a break above $226.
Ethereum price is trading with a positive bias against the US Dollar and Bitcoin, and soon ETH/USD might move above $226 for more gains.
Ethereum Price Trend
There were decent moves in ETH price above the $215 level against the US Dollar. The price mostly traded with a positive bias, and avoided a decline towards $208. The most important thing was a break above the $218 resistance. There was even a break above yesterday’s highlighted short-term contracting triangle with resistance near $220-218 on the hourly chart of ETH/USD. It has cleared the hurdles for more gains.
It is already above the 50% Fib retracement level of the last decline from the $230.71 high to $214.19 low. However, the price seems to be struggling near $226 in the short term. It represents the 76.4% Fib retracement level of the last decline from the $230.71 high to $214.19 low. So, a break above it is needed for a test of $230.71. If buyers remain in action, they can easily take the price above $230. On the downside, there is a new connecting bullish trend line with support at $223 forming on the hourly chart.
The price is also well above the $208 support and the 100 hourly simple moving average. Buying dips remains a good option in the near term for a break above $230. However, any major gains could be limited considering the current sentiment.
Hourly MACD – The MACD is now placed in the bullish zone.
Hourly RSI – The RSI is heading lower towards the 50 level.
Major Support Level – $215
Major Resistance Level – $230