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Ethereum Price Forecast: Ether Trades Bullish Above $230

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price gained traction and broke crucial resistances against the US dollar and bitcoin. ETH/USD is correcting lower, but it remains supported above $220.00.

Key Highlights

Ether’s price rallied and broke the $230.0 and $235.00 resistances against the US dollar.
A key bullish trendline is formed with support at $238.00 on the hourly chart of ETH/USD.

Technically, the 6-hour chart indicators are moving higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed possibilities of a push toward $250.00 in ETH/USD. The pair did trade higher, broke the $230.00 and $235.00 resistances, and tested the $250.00 resistance zone.

Similarly, there were positive moves in ETH/BTC above the 0.0330BTC support. The pair traded above the 0.0340BTC and 0.0350BTC resistances to climb further into a positive zone.

Ether Price Analysis Chart ETH

Starting with the hourly chart of ETH/USD, the pair broke the $235.00 resistance and even spiked above the $250.00 level. A fresh weekly high was formed at $254.66 and the price started a downside correction. Ether’s price tested the 23.6 Fibonacci retracement level of the recent upward move from the $196.72 low to $254.66 high.

It seems like there is a decent support forming near the $238.00-240.00 region and a key bullish trendline on the same chart. Below the trendline, the price could test the previous resistance (now support) at $235.00 and $230.00.

There is also a crucial bullish trendline with support at $220.00 on the 6-hour chart of ETH/USD. An intermediate support is the 50 Fibonacci retracement level of the recent upward move at $225.00.

Ethereum Price Analysis ETH

Therefore, if Ether continues to move down, buyers are likely to protect losses near the $230.00-235.00 zone. To the topside, the $250.00 resistance is a significant barrier for more gains, above which the price may rise toward the $270.00 level.

To sum up, there are many positive signs emerging on both the hourly and 6-hour charts, indicating more upsides above $250.00 in the near term.

Important Resistance Levels

$250.00 and $255.00

Important Support Levels

$235.00 and $230.00

6-hour RSI

The RSI is currently well above the 55 level.

6-hour MACD

The MACD is gaining traction in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.