Ethereum Price Analysis: ETH/USD climbs above $220, bulls eye the $230 hurdle
|- Ethereum price advances above the key $210 - $220 support zone.
- A break past a short term trendline is needed to pave the way for gains above $230 resistance zone.
Ethereum is making steps above a key support area between $210 and $220. The price teeters at $220 following a 1.93% recovery on the day. The Asian session has seen the bulls cement their position on the market while aiming for a comeback above $230 and $250 resistance zones.
The weekend session has been more or less lethargic where the upside remained capped at $230 while all downside movements protected at $210. A short-term descending trendline has continued to limit movement northwards since the drop on February 23.
ETH/USD is trading below the moving averages where the 50 SMA will hinder growth at $240 on the 4-hour chart while the 100 SMA holds the position at $253.95. A break above the trendline resistance is needed to pave the way for gains above $230. The RSI reflects the subtle bullish momentum at the time of writing, which means that rapid upward movements are not to be expected in the coming sessions. The drab bullish action is also supported by the momentum indicator’s horizontal movement at -12.87
Confluence Detector support and resistance
Support one: $218 highlighted by the previous low 15-minutes and the previous high 1-hour.
Support two: $213 highlighted by the Bollinger Band 1-hour lower curve and previous low 4-hour.
Resistance one: $223 highlighted by the 61.8% Fibo one-month and the SMA ten 4-hour.
Resistance two: $229 highlighted by the previous high one-day.
ETH/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.