Ethereum Chart Analysis: ETH/USD push towards $228 indicates a slight recovery

After crashing below $220, Ethereum bulls are back in town pushing the price back up.
ETH/USD is close to climbing above the daily 26-EMA at $229.39.

Lorenzo Stroe Independent Analyst

Things weren’t looking good for Ethereum and the majority of cryptos. The bulls seem to be back and have managed to push ETH up to $228, close to the daily 26-EMA. This is an important support level that if defended, would indicate Ethereum is still slightly bullish.

ETH/USD daily chart

If the bulls can climb above the daily 26-EMA and close around $230, Ethereum has a real chance of recovering completely after forming a clear bullish reversal candlestick on the daily chart. The trading volume has increased significantly and the RSI is only at around 50 points. The MACD has turned bearish but it’s not crucial right now, in fact, it could even indicate a possible bottom for ETH.

ETH/USD 1-hour chart

Ethereum is trading above the 12-EMA and the 26-EMA and has confirmed an hourly uptrend. The buyers are not facing a lot of resistance to the upside until around $240. ETH could start consolidating within the next few hours while defending the 26-EMA.

ETH/USD technical levels

ETH/USD

Overview
Today last price	227.81
Today Daily Change	-3.79
Today Daily Change %	-1.64
Today daily open	231.6

Trends
Daily SMA20	235.14
Daily SMA50	216.44
Daily SMA100	185.58
Daily SMA200	182.18

Levels
Previous Daily High	238.59
Previous Daily Low	229.91
Previous Weekly High	250.41
Previous Weekly Low	225.52
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	233.23
Daily Fibonacci 61.8%	235.28
Daily Pivot Point S1	228.14
Daily Pivot Point S2	224.68
Daily Pivot Point S3	219.45
Daily Pivot Point R1	236.83
Daily Pivot Point R2	242.05
Daily Pivot Point R3	245.51

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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Ethereum Chart Analysis: ETH/USD push towards $228 indicates a slight recovery