Ethereum price traded with a positive bias and cleared the $200.00 and $225.00 resistances against the US Dollar. ETH/USD traded as high as $255.23 and it is currently correcting lower.
- Ethereum price made a nice upside move and traded above $225.00 and $240.00 against the US Dollar.
- ETH/USD surpassed an important symmetric triangle pattern with resistance at $214.00 on the 2-hours chart.
- The pair is currently correcting lower, but it could find support near the $232.00 and $225.00 levels.
Ethereum Price Weekly Analysis
In the last weekly analysis, we discussed that Ethereum price is facing many hurdles near the $225.00, $230.00 and $240.00 levels. The ETH/USD pair cleared these hurdles and recently traded as high as $255.23.
Looking at the 2-hours chart, the price started a nice bullish move from the $192.81 swing low and traded above the $200.00 resistance. Later, the price settled above the $205.00 level and the 25 simple moving average (2-hours).
It opened the doors for more gains and the price surpassed the $210.00 and $225.00 resistances. More importantly, buyers managed to surpass an important symmetric triangle pattern with resistance at $214.00 on the same chart.
The price traded as high as $255.23 and it is currently correcting lower. An initial support is the 23.6% Fib retracement level of the recent wave from the $192.81 low to $255.23 high.
However, the most important support is near the $225.00 level since it was a resistance earlier. It also coincides with the 50% Fib retracement level of the recent wave from the $192.81 low to $255.23 high.
Additionally, the 25 simple moving average (2-hours) is also near the $225.00 level. Therefore, if the price corrects lower, it could find support near the $225.00 zone. On the upside, once ETH buyers clear the $255.23 higher, the price may perhaps rise towards the $265.00 and $278.00 resistances.
Overall, Ethereum price is trading with a positive bias and it could continue to move higher towards $300.00 in the near term. Dips towards the $225.00 and $205.00 levels are likely to find bids.
The market data is provided by TradingView, Coinbase.