Ethereum Price (ETH) Likely To Accelerate Above $240 & $250
- ETH price remained well bid above the $208 support and recently climbed higher against the US Dollar.
- The price settled above the $220 pivot level and is currently consolidating in a range.
- There is a breakout pattern forming with resistance near $227 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to accelerate higher above the $227 and $230 resistance levels in the near term.
Ethereum price is showing positive signs above $208 and $215 versus the US Dollar, similar to bitcoin. ETH price might continue to rise towards the $240 and $250 resistances.
Ethereum Price Analysis
After forming a support base above $200 and $208, Ethereum price climbed higher against the US Dollar. The ETH/USD pair even broke the $220 resistance and settled above the 100 hourly simple moving average. Recently, there was a break above the $230 level and the price traded to a new intraday high at $236. Later, it corrected lower and traded below the $225 level. A low was formed near $217 and the price is currently consolidating in a range.
It broke the $220 level plus the 23.6% Fib retracement level of the recent decline from the $236 high to $217 low. However, the price is struggling to clear the $227 and $230 resistance levels. Moreover, there is a breakout pattern forming with resistance near $227 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $236 high to $217 low also acted as a barrier.
If there is an upside break above the $227 and $230 resistance levels, the price might continue to rise. The next key resistance is near the $236 high, above which the price could accelerate towards the $240 level. Any further gains could push the price towards the $250 resistance.
On the other hand, if the price fails to gain pace above $227 and $230, there could be a downside break. An immediate support is near the $217 low, below which the price might accelerate towards the $210 or $208 support area.
Looking at the chart, Ethereum price is clearly preparing for the next move either above $230 resistance or below the $217 swing low. If there is an upside break above $230, the price will most likely grind higher towards the $250 area. Conversely, it could revisit the $208 support area in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone, with positive signs.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.
Major Support Level – $217
Major Resistance Level – $230
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Aayush Jindal, Khareem Sudlow
