- Ethereum price is gaining traction against the USD
- The price of Ether has recovered by above $225
- ETH price could rally after a break above $230 and $240
Ethereum News Today – the price of Ethereum is gradually gaining momentum and has moved above two important areas against the USD. They include the $220 and $225 price levels. The price of the digital asset must now move past the $238 and $240 areas to initiate a huge and steady increase.
There was also a break above an important bearish pattern with the resistance point near the $225 area via the hourly chart of the ETH/USD pair. Let’s see more about Ether’s fundamentals and price action in the last 24-hours below.
The Price of Ethereum is Showing Positive Signals
In the last three trading sessions, the price of Ether traded with positive bias ahead of the $220 point which is a resistance position. The ETH price is now up by 4% after breaking the $225 resistance to enter a positive zone. There’s a proper close over the $225 position and the 100-hour SMA.
More importantly, the pair saw a break above the major bearish pattern with the closest resistance near $225 via the hourly chart of the ETH/USD pair. The pair is still well bid. It has climbed above the $230 position. A new intraday high for ETH/USD has formed at $235. The price of Ethereum is now correcting lower. This was before the break under the $232 and $230 area.
Additionally, the price of Ethereum traded beneath the 23.6% Fib retracement position via the recent upward move from $212 to $235. The initial support via the downside is close to $228 and the 100-hour SMA.
$225 Was the Major Support Point for ETH/USD
The next major support is near the $225 level (the recent breakout zone). The main support is now near the $223 level. It coincides with the 50% Fib retracement level of the recent upward move from the $212 low to $235 high. Therefore, dips in Ethereum remain well supported near $225 and $223. On the upside, there are a few important resistances seen near $235, $238 and $240.
A successful break and close above $240 are needed to start a significant upward move and a fresh rally. Should we anticipate another failure for the digital asset? If the price of Ethereum fails to maintain its rise higher until it gets above the $238 point, it could drop further below the $225 and $223 areas both of which are support positions. The next key point for the pair can be seen near $220. If there any more losses, the price of Ether might go back to the $208 area or swing low.