Ethereum price is trading with a positive bias above $214.00 against the US Dollar. ETH/USD buyers need to gain momentum above $232.00 for more gains.
- Ethereum price has formed a solid support base above the $214.00 level against the US Dollar.
- ETH/USD is facing a major hurdle near a bearish trend line with resistance at $232.00 on the 2-hours chart.
- The pair could rally above the $240.00 level once there is a proper close above the $232.00 hurdle.
Ethereum Price Weekly Analysis
After a bearish reaction from the $238.99 swing high, Ethereum price found support near the $214.00 level. The ETH/USD pair formed a solid support base above the $214.00 level and later started an upside move.
Looking at the 2-hours chart, the price traded above the $219.00-220.00 resistance zone and the 25 simple moving average (2-hours). It opened the doors for more gains and the price moved above the 50% Fib retracement level of the last decline from the $238.84 high to $214.05 low.
However, the price faced a strong selling interest near the $230.00 and $232.00 levels. More importantly, there is also a crucial bearish trend line formed with resistance at $232.00 on the same chart.
Additionally, the 61.8% Fib retracement level of the last decline from the $238.84 high to $214.05 low is also near the trend line resistance. Therefore, a proper break and close above the trend line and the $232.00 level is needed for further gains.
Above the trend line, the next resistance is around the $238.00 swing high. If there is a break above the mentioned high, the price is likely to accelerate towards the $250.00 level.
On the downside, an initial support for Ethereum price is near the 25 SMA at $222.00. If there are further declines, the price may well test the $214.00 support area in the near term. Overall, the price structure is positive and there could be an upside break above the $232.00 resistance in the coming sessions.
The market data is provided by TradingView, Coinbase