Ethereum price flexes bullish muscles with recovery from $220 support but upside capped under $228. ETH/USD still lags possible falling wedge pattern breakout. Ethereum bulls seem to be waking up following a recovery from $220. The price is exchanging hands at $227 following a 1.54% upward advancement on the day. Volatility levels are high, however, selling pressure has not completely been ousted. The 4-hour ETH/USD chart shows the price dancing below the moving averages. In this case, the 50 SMA is hindering growth marginally above the market value while the 100 SMA is positioned at $247.40. Various applied indicators clearly show Ethereum is in the hands of the buyers. From the RSI upward motion above 50 (the average) to the MACD’s recovery from -10.68 to -0.5425. A bullish divergence observed with the MACD and a possible return into the positive region is likely to encourage the bulls to increase their buying entries. The bullish action is also supported by the momentum indicator’s movement above the mean line (0.00). A falling wedge pattern discussed on Tuesday is still in place. A breakout above the pattern resistance could place ETH/USD in a trajectory to clear the resistance at $240 and $260, respectively. ETH/USD 4-hour chart Ethereum price confluence support and resistance Support one: $225 (Bollinger Band 1-hour middle curve, SMA 100 15-minutes, and the Fibo 23.6% one-week). Support two: $221 (The previous low one-day, Bollinger Band one-hour lower and the Fibo 61.8% one-month). Support three: $214 (The pivot point one-day support two and SMA 50 one-day). Resistance one: $228 (SMA ten 15-mins and previous high 15-mins). Resistance two: $230 (BB 15-minutes upper curve and previous high 4-hour). Resistance three: $237 (SMA ten one-day and Fibonacci 38.2% one-week). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US Dollar Index regains 97.00 and beyond ahead of data FX Street 3 years Ethereum price flexes bullish muscles with recovery from $220 support but upside capped under $228. ETH/USD still lags possible falling wedge pattern breakout. Ethereum bulls seem to be waking up following a recovery from $220. The price is exchanging hands at $227 following a 1.54% upward advancement on the day. Volatility levels are high, however, selling pressure has not completely been ousted. The 4-hour ETH/USD chart shows the price dancing below the moving averages. In this case, the 50 SMA is hindering growth marginally above the market value while the 100 SMA is positioned at $247.40. Various applied indicators clearly… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.