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Ethereum Price Crucial $240 Break – Weekly Analysis ETH/USD

Ethereum price is gaining pace against the US Dollar and Bitcoin.

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Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD might break higher soon and trade above $240 in the near term.

 

Key Highlights

  • ETH price remained supported on the downside near $210 against the US Dollar.
  • There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is likely heading towards a major break, which could open the doors for more gains towards $260.

Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD might break higher soon and trade above $240 in the near term.

Ethereum Price Resistance

This past week there was relief for ETH price as it recovered well from the $135 low against the US Dollar. The price after trading as low as $136.16 started a nice upward move. It traded above the 23.6% Fib retracement level of the last decline from the $316.36 high to $136.16 low. This move opened the doors for a decent recovery above $180 in the near term. The next major upside move was above the $205 resistance, which encouraged buyers to step up the momentum.

Later, the price was able to move above the 38.2% Fib retracement level of the last decline from the $316.36 high to $136.16 low and the 100 simple moving average (H4). At the moment, the price is trading near a major hurdle at $332-335. There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD. The price is currently approaching a break and may most likely break the $335 resistance for a move towards $360.

Ethereum Price Weekly Analysis ETH USD

The 50% Fib retracement level of the last decline from the $316.36 high to $136.16 low is also around $230. So, an upside break would mean more gains probably towards the $250 or $260 levels.

4-hours MACD – The MACD is currently placed well in the bullish zone.

4-hours RSI – The RSI is heading higher above the 50 level.

Major Support Level – $205.00

Major Resistance Level – $235.00


 

Charts courtesy – SimpleFX

Original Authot (article): Aayush Jindal

Source newsbtc
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