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Ethereum technical analysis: ETH/USD must breakdown big barrier $230-240 for greater upside

Ethereum price in the second half of the day on Wednesday, is trading in minor positive by just some 1.40%.
ETH/USD is being capped to the upside by a big area of supply, $230-240 range.
There is decent near-term support to comfort the bulls, while they attempt at breaking down the noted resistance.

Ken Chigbo Independent Analyst

Spot rate: 229.10

Relative change: +1.40%

High: 231.24

Low: 223.29

ETH/USD

Overview
Today last price	229.51
Today Daily Change	3.57
Today Daily Change %	1.58
Today daily open	225.94

Trends
Daily SMA20	219.12
Daily SMA50	258.25
Daily SMA100	243.91
Daily SMA200	191.38

Levels
Previous Daily High	239.56
Previous Daily Low	222.57
Previous Weekly High	222.76
Previous Weekly Low	197.53
Previous Monthly High	318.46
Previous Monthly Low	190.64
Daily Fibonacci 38.2%	229.06
Daily Fibonacci 61.8%	233.07
Daily Pivot Point S1	219.15
Daily Pivot Point S2	212.36
Daily Pivot Point S3	202.15
Daily Pivot Point R1	236.15
Daily Pivot Point R2	246.35
Daily Pivot Point R3	253.15

ETH/USD 60-minute chart

A near-term trend line can be observed providing needed support for the price.

ETH/USD daily chart

A chunky area of supply can be observed running from $230 - $240 via the daily.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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ETH/USD

ETH/USD 60-minute chart

ETH/USD daily chart

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