According to the latest crypto news, Ethereum made a great upside swing trading above $230 against the US Dollar.
The pair is now consolidating in a range between $220 and $235 support levels. ETH/USD has a huge possibility to trade even higher if it manages to maintain the $230 support.
The previous week ETH builds a strong support base against the US Dollar where the pair started the upward motion and breaking the $218 and $220 resistance levels. Later, the pair moved right into the bullish zone and settled above the moving average.
Following the Fib retracement analysis, the pair also broke above the 50% Fib retracement level since last declined from $256 to $203. When the upside move started, when looking at the 4-hour chart of ETH/USD, we could see a break above the major resistance level at $228. The pair went on to test the resistance zone starting at $235 and is thus consolidating the gains. If right now there’s a break above the $236 resistance level, there’s a great possibility the pair could reach more gains in the nearest future.
If we also compare the charts, they indicate that the ETH price could go a little higher soon; staying above the $220, but below that price point the price of ETH could slightly extend a slide right at the $215 support level.
Ethereum is now on a great track, recovering from a 12-month low while being in a difficult position towards Ripple with huge possibilities of being overtaken by it.
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