Ethereum price analysis shows that the coin climbed up on the upward trending line and strung together three straight bullish days.
In the last three days, Ethereum bulls seem to be making a comeback. Ethereum price has remained bullish while trading in the range between $230 and $220. The price of ETH also climbed above the $230 level to form a new intraday high near $235.
At the time of writing this Ethereum price analysis, the $235 resistance level is acting as a strong barrier for the bulls. There were more than two attempts already to clear the $235 resistance, but the bulls struggled to gain momentum.
On the upside, a successful break above the $235 resistance area could open the doors for a larger rally. The next major resistance is near the $245 and $250 levels. Conversely, should the price move below $235 level, there is a possibility that the price could drop to $200.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of ETHUSD is bullish. However, if the pair struggles to clear the $235 resistance area, there is a risk of a short term downside correction. The first key support is near $225.
The main range support is still near the $220 level, below which the bears are likely to aim a larger decline below the $218 and $215 levels. The next major support is near $212, where the bulls are likely to appear.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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