Ethereum Price Analysis: ETH/USD Approaching Next Break

Ethereum Price Analysis ETH Chart

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.

Key Findings:

  • 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.

Ethereum Price Analysis ETH Chart

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.

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