Ethereum Price Analysis: ETH/USD jumps above falling triangle to grind towards $240

Ethereum price bulls would rather die trying to outdo the bears as opposed to simply giving up. The dive to $210 last week was detrimental to the progress that had been made in February. However, there have been attempts to reverse the trend and once again place ETH/USD into the trajectory to tackle the resistance at $300.

Meanwhile, Ethereum price is teetering at $228 amid a growing bullish force. The short term milestone is to pull the price above the resistance at $230. Importantly, the price is already trading above a falling triangle pattern. This breakout requires increased volume and participation by the bulls to deal with the hurdles at $235 and $240.

Applied technical indicators reflect a bullish scenario for Ethereum. However, it appears that is not enough to convince more buyers to join the market. Besides, volatility remains low while the gradual upward slope of the RSI shows that recovery could be steady but slow. The bullish confirmation is the MACD’s positive divergence and the motion of the indicator towards the positive region. In other words, the price remains in the hands of the bulls.

Ethereum price key support and resistance levels

Support one: $226 (The Fibonacci 38.2% one-day and the SMA 200 15-minutes).

Support two: $222 (The Bollinger Band 15-mins lower and SMA five one-day).

Resistance one: $229 (The previous high 15-mins, BB 15-mins upper and the pivot point one-day resistance one).

Resistance two: $238 (Fibonacci 38.2% one-week and pivot point one-day resistance three).

ETH/USD 4-hour chart