Ethereum price attempted a decent recovery above $230.00 against the US Dollar. ETH/USD failed to gain traction and is currently preparing for the next break.
- Ethereum price is facing many resistances near the $228.00, $230.00 and $233.00 levels against the US Dollar.
- ETH/USD is trading inside a major contracting triangle with resistance at $228.00 on the 2-hours chart.
- The pair is likely to make the next move either above $228.00 or below $212.00 in the near term.
Ethereum Price Weekly Analysis
There was a decent support formed near $202.00-203.00 in Ethereum price. The ETH/USD pair started an upward move and traded above the $210.00 and $220.00 levels before it faced sellers.
Looking at the 2-hours chart, the price managed to pop above the $225.00 resistance and the 25 simple moving average (2-hours). There was also a break above the 50% Fib retracement level of the last slide from the $255.11 high to $203.28 low.
However, the upside move was capped by the $233.00-235.00 zone. Moreover, the 61.8% Fib retracement level of the last slide from the $255.11 high to $203.28 low also prevented gains.
As a result, there was a downside reaction and the price declined below the $220.00 level and the 25 simple moving average (2-hours). At present, it seems like the price is trading inside a major contracting triangle with resistance at $228.00 on the same chart.
If there is an upside break above the $228.00 resistance, the price may well climb above the $238.00 and $240.00 levels in the near term. On the other hand, if there is a close below the $212.00 level, the price could retest the $203.28 low.
Below the mentioned low, there is a risk of a sharp decline towards the $180.00 support in the coming days.
Overall, Ethereum price seems to be struggling to clear the $228.00, $230.00 and $233.00 resistance levels. Having said that, as long as the price is above the $212.00 support, there are chances of a positive move above the $228.00 resistance in the near term.
The market data is provided by TradingView, Coinbase.