Ethereum price is currently trading in a positive zone above the $215.00 support. ETH price might correct a few points before it could climb higher towards $235.00 and $240.00.

  • Ethereum price traded towards the $235.00 level and recently corrected lower.
  • A key bearish trend line is forming with resistance near $226.20 on the 30-minute chart.
  • The price could either break the $228.20 resistance or decline back towards $215.00.

Ethereum Price

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Ethereum Price Analysis (ETH to USD)

After a successful close above $210.00 and $215.00, Ethereum price extended gains above the $225.00 resistance. ETH/USD even surpassed the $230.00 level and traded to a new weekly high at $235.27 before starting a downside correction.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair failed to continue above $235.00 and started a downside correction. There was a break below the $225.00 support and the price traded close to the $215.00-216.00 support area.

A swing low was formed near $216.45 and the price recently recovered above $220.00. It broke the $222.00 level and the 25 simple moving average (30-min).


Moreover, there was a break above the $225.00 level plus the 50% Fib retracement level of the recent decline from the $235.27 high to $216.46 low. However, the recent upward move faced a strong resistance near the $228.00 level.

It seems like the 61.8% Fib retracement level of the recent decline from the $235.27 high to $216.46 low is acting as a resistance. Additionally, there is a key bearish trend line forming with resistance near $226.20 on the same chart.

If there is an upside break above the trend line and $228.00, Ethereum might continue to rise in the near term. The next key resistance is near the $235.00 level, above which the price could trade further higher towards $240.00.

Conversely, if Ether price fails to clear the $226.50 and $228.00 resistance levels, there could be a fresh decrease. In the mentioned bearish case, ETH/USD may revisit the key $215.00-216.00 support area. The next main support for the bulls is near the $205.00 level.

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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