Ethereum smashed the heavy resistance of $232, increasing by 2% against the US dollar and it likely moved into a positive zone which means it could continue to rise towards $240 or $250 so let’s find out more in the ethereum price news.
Ethereum is now gaining bullish momentum above the $232 heavy resistance and it was trading well above the 100 hourly simple moving average. There was a break above a major bearish trend line of the $230 level on the hourly charts of the ETH and US dollar pair. The pair could also correct a few points but it will likely resume the upside towards $250. After forming a strong base above $250, the ETH price started a fresh increase against the US dollar. The altcoin managed to spike above $230 from the $222 swing low right into the positive zone. The bulls gained strength and the price settled above the 100 hourly simple moving average. Also, there was a break above the bearish trend line close to the resistance of $230 on the hourly charts.
Ethereum smashed the $235 resistance as it is now consolidating gains but the initial support is closer to $233 of the 23% Fib retracement level from the recent surge of $227 low to $235 high. The main support is getting close to the $232 level and it could close near to the recent breakout zone and coincide with the 50% Fib retracement level of the $227 surge directly to the $235 high. On the upside, the $235 level acts as an immediate resistance level. The current price action suggests that Ether could even increase further above $235 as the next key resistance is close to the $240 level above which the price will propel towards the $250 resistance zones.
The $232 level will act as strong support for Ethereum followed by the $230 so if the bulls fail to defend the $230 level, there will be a risk of a sharp decline. The next key support is close to the $225 level below which the price could continue declining and reach even $215. The technical indicators for the pair, more specifically the MACD for ETH/USD is gaining traction in the bullish zone. The hourly RSI for the pair is now above the 60 levels with bullish signs as the major support level stands at $230 while the major resistance level stands at $235.
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