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Ethereum price started a decent recovery after bitcoin gained traction above $10,500. ETH price broke the $225.00 resistance, but it is currently struggling near the $235.00 resistance.

  • Ethereum price started a short term correction after trading as low as $202.81.
  • ETH/USD is currently trading inside a breakout pattern with resistance near $235.00 on the 30-minute chart.
  • The price could either continue above $235.00 and $240.00 or it could resume its decline below $225.00.

Ethereum Price

Ethereum Price Analysis (ETH to USD)

In the past three sessions, there was a decent recovery in bitcoin, Ethereum, ripple, BCH, EOS, litecoin and other major altcoins. ETH/USD managed to correct above the $212.00 and $220.00 resistance levels.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair started a short term correction after trading as low as $202.81. It traded above the $212.00 resistance plus the 23.6% Fib retracement level of the last major drop from the $268.64 high to $202.81 low.

The price even traded above the $225.00 level and the 25 simple moving average (30-min). However, the recent recovery faced hurdles near the $234.00-235.00 resistance zone.

It seems like the price struggled to surpass the 50% Fib retracement level of the last major drop from the $268.64 high to $202.81 low. At the moment, the price is trading inside a breakout pattern with resistance near $235.00 on the same chart.


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If there is an upside break above the $235.00 resistance level, the price could extend its recovery towards the $243.55 and $245.00 resistance levels. The next major resistance is near the $260.00 level.

On the other hand, if there is a downside break below the $225.00 support, the price may perhaps restart its decline. An immediate support below $225.00 is near the $218.00 level. If there are more losses, the price could revisit the $205.00 support area.

Overall, Ethereum price recovered nicely above $225.00, but it must gain strength above the $235.00 level to continue higher. If ETH continues to struggle near $235.00, there might be a strong bearish reaction below the $225.00 and $218.00 support levels.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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One Comment

  1. Avatar

    WTF Ethereum…..let’s go!!!

    Reply

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