Ethereum (ETH) Price Analysis: Bulls Eyeing Upside Break
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Ethereum price is currently consolidating above the $208.50 support. ETH/USD is likely to break to the upside towards $224.00 or $225.00 in the coming sessions.
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Ethereum Price Analysis
During the past three sessions, there were mostly range moves above the $208.45 low in Ethereum price with a positive angle. The price slowly moved higher and broke the $210.00 and $212.00 resistances.
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Looking at the 30-minute chart of ETH/USD, the pair traded above the $214.00 level as well and the 25 simple moving average (30-min). More importantly, there was a break above a key bearish trend line with resistance at $214.00.
However, upsides were limited as the price remained in a range with support near $208.50 and resistance at $220.00. An intermediate resistance is the 23.6% Fib retracement level of the recent drop from the $242.50 swing high to $208.45 low.
The current price action is positive above the $212.00 level and the 25 simple moving average (30-min). It seems like the price may continue to climb and it could soon surpass the range resistance at $220.00.
The next resistance for buyers is near the $225.60 level, which is the 50% Fib retracement level of the recent drop from the $242.50 swing high to $208.45 low. Above this, the price will most likely spike above the $228.00 and $230.00 levels.
On the flip side, if the price fails to settle above the range resistance at $220.00, it could revisit the $212.00 level and the 50 SMA. Below these, the main support for buyers is close to the last low at $208.50.
Overall, Ethereum price is placed with a bullish angle above the $208.50 support. The RSI on the same chart also is indicating strength and positive moves above the 55 level.
The post Ethereum (ETH) Price Analysis: Bulls Eyeing Upside Break appeared first on Blockonomi.
Author: Latika Mehrotra
