Ethereum price analysis shows that the coin is showing signs of a decent recovery above $225 and could accelerate gains above the $235 resistance.
Last week, the price of Ethereum (ETH) nosedived from the $245 and $240 level. The bears even pulled the price below the $220 support and traded close to the $205 support. However, the market has recovered. In the past three sessions, Ethereum price spiked above the $220 and $225 resistance levels to move into a positive zone.
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 coin has corrected lower and changing hands at the $228 level.
On the upside, if more buyers emerge, the coin will rise and test the $230 and $240 resistance level. A successful break above the $240 level will empower the bulls to push the price near the $280 and $300 level. Conversely, should the price move below $228 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 is showing a few positive signs above the $225 support level. However, a clear break above the $235 and $244 levels is needed for the bulls to continue the uptrend.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell 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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