Ethereum price is a bullish trend after a downside correction near the $202 support level. ETHUSD price might continue to rise above the $225 level.
Ethereum Price Technical Analysis
ETH price corrected lower below the $210 supports level and had a break at the $200 support level. A swing low was formed near $202 level and the price resumed the uptrend above $215 resistance level to move back into the bullish trend zone. At the time of writing, Ethereum price is trading at $216 above the EMAs with the possibility that the price could continue higher.
On the upside, if the bulls sustain the price above the EMAs, the market will retest the $240 resistance level. On the other hand, if the bulls fail to continue the uptrend, the crypto’ price will likely drop to the support level of $173.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bullish trend. The 12 and 26-day EMAs are pointing northward. Recently, the crypto’s price started a downside correction and traded below the $220 level. It even broke the 23.6% Fib retracement level of the recent wave from the $202 low to $225 high.
As long as there is no break below the $210 support level, there are chances of another increase towards the $240 level. Meanwhile, the stochastic RSI is extremely in the overbought.
- Resistance levels: $240, $250, $260
- Support levels: $173, $163, $153
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.