- Ethereum retraced higher touching $238 but the trend lacked moment to test $240.
- ETH/USD is protected at the 61.8% Fibonacci level, $220 and $215.
- Ethereum is likely to correct higher above the resistance range between $230 – $235.
The hourly chart shows a slow but steady rise of Ethereum price from last week’s major support at $205. The buyers increased their grip on the price towards the end of last week. Ethereum traded above $220 and even broke above the 61.8% Fib retracement level with the last upward swing of $246.17 and a downward swing of $203.18. Moreover, the bulls pushed the price to $238 before it started to trim the gains.
The support at $225 has been instrumental since yesterday. Besides, Ethereum is dancing with $230 between the hourly 50SMA and 100SMA. For instance, the 50SMA is limiting the gains to the upside while the 100SMA is positioned to offer support marginally above the trendline.
Ethereum has maintained trading in an ascending channel since the mid-last week. The trend is in favor of the bulls, although they lack a catalyst to correct higher. The resistance in the range between $230 – $235 is the one keeping Ethereum from retracing above $240 and eventually clocking $250.
Furthermore, Ethereum buyers must continue to hold the ground at $230 to avoid dips towards $225 and $220. As long as the price is kept above the lower trendline support, it is support strongly. Below $220, $215 is another significant support area. The chart shows positive signals above $230 and towards $235.
ETH/USD 1-hour chart
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