Ethereum Price Analysis: ETH Aiming $244 and $250 In Near Term
Ethereum price is slowly gaining bullish momentum above the $228 resistance level vs the US Dollar. ETH to USD is likely to surpass the $234.40 resistance and continue higher towards $244.50.
Key Takeaways: ETH/USD
- Ethereum price is showing positive signs above the $228.00 resistance against the US Dollar.
- ETH/USD climbed above the $230.00 level and a contracting triangle with resistance near $229.20 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin price is gaining bullish momentum above the $9,020 resistance area.
Ethereum Price Analysis
After forming a support base near the $213.00 level, Ethereum price started a steady increase. As a result, ETH to USD climbed above the $220.00 and $224.50 resistance levels to move into a positive zone.
Looking at the 2-hours chart, Ethereum price settled well above the $228.00 resistance and the 50 simple moving average (2-hours, purple). The price even climbed above the 61.8% Fib retracement level of the downward move from $235.13 to $219.76.
Moreover, ETH price climbed above the $230.00 level and a contracting triangle with resistance near $229.20 on the same chart. The price is now trading nicely above the $230.00 level and facing hurdles near the $234.40 resistance level.
A clear break above the $234.40 resistance level could start a strong increase in the coming sessions. The next key resistance is near the $238.75 level. It represents the 1.236 Fib extension level of the downward move from $235.13 to $219.76.
Any further gains could lead the price towards the $244.60 and $248.50 resistance levels in the near term. The main target for the bulls may perhaps be $250.00.
Conversely, the bulls might struggle to lead the price above the $234.40 and $235.00 levels. In the mentioned case, the price could start a fresh decline below the $228.00 support level.
The main support is near the $226.00 level and the 50 simple moving average (2-hours, purple). Any further losses is likely to start a nasty decline and Ethereum price could slide towards the $220.00 level in the coming sessions. The next key support is near the $212.90 level.