Ethereum price is currently consolidating above the $208.50 support. ETH/USD is likely to break to the upside towards $224.00 or $225.00 in the coming sessions.
- Ethereum price is placed well above the $208.50 support zone.
- ETH/USD broke a key bearish trend line with resistance at $214.00 on the 30-minute chart.
- The price may slowly continue to grind higher towards the $222.00 or $225.00 levels.
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Ethereum Price Analysis
During the past three sessions, there were mostly range moves above the $208.45 low in Ethereum price with a positive angle. The price slowly moved higher and broke the $210.00 and $212.00 resistances.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair traded above the $214.00 level as well and the 25 simple moving average (30-min). More importantly, there was a break above a key bearish trend line with resistance at $214.00.
However, upsides were limited as the price remained in a range with support near $208.50 and resistance at $220.00. An intermediate resistance is the 23.6% Fib retracement level of the recent drop from the $242.50 swing high to $208.45 low.
The current price action is positive above the $212.00 level and the 25 simple moving average (30-min). It seems like the price may continue to climb and it could soon surpass the range resistance at $220.00.
The next resistance for buyers is near the $225.60 level, which is the 50% Fib retracement level of the recent drop from the $242.50 swing high to $208.45 low. Above this, the price will most likely spike above the $228.00 and $230.00 levels.
On the flip side, if the price fails to settle above the range resistance at $220.00, it could revisit the $212.00 level and the 50 SMA. Below these, the main support for buyers is close to the last low at $208.50.
Overall, Ethereum price is placed with a bullish angle above the $208.50 support. The RSI on the same chart also is indicating strength and positive moves above the 55 level.
The market data is provided by TradingView, Bitfinex.
The post Ethereum (ETH) Price Analysis: Bulls Eyeing Upside Break appeared first on Blockonomi.
October 17, 2018 at 02:19AM https://blockonomi.com from Blockonomi https://ift.tt/2AeyZ56