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 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.
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.
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.