Ethereum is gaining traction and it recently recovered above the $225 resistance against the US Dollar. ETH price could rally if there is a clear break above $238 and $240. Ethereum is slowly gaining momentum above the $220 and $225 levels against the US Dollar. The price must climb above the $238 and $240 levels to start a significant and steady rise. There was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is also recovering and it is now trading above the $8,800 level. Ethereum Price Showing Positive Signs In the past three sessions, Ethereum traded with a positive bias above the $220 resistance against the US Dollar. ETH price is up more than 4% and it broke the $225 resistance to move into a positive zone. There was a proper close above the $225 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $225 on the hourly chart of ETH/USD. Ethereum Price The pair remained well bid and it climbed above the $230 level. A new intraday high is formed near $235 and the price is currently correcting lower. There was a break below the $232 and $230 levels. Besides, Ethereum traded below the 23.6% Fib retracement level of the recent upward move from the $212 low to $235 high. An initial support on the downside is near the $228 level and the 100 hourly simple moving average. The next major support is near the $225 level (the recent breakout zone). The main support is now near the $223 level. It coincides with the 50% Fib retracement level of the recent upward move from the $212 low to $235 high. Therefore, dips in Ethereum remain well supported near $225 and $223. On the upside, there are a few important resistances seen near $235, $238 and $240. A successful break and close above $240 is needed to start a significant upward move and a fresh rally. Another Failure? If Ethereum fails to continue higher above $238, it could decline below the $225 and $223 support levels. The next key support is seen near the $220 level. Any further losses may perhaps lead the price back towards the $208 swing low in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level, with positive signs. Major Support Level – $225 Major Resistance Level – $238
from NewsBTC https://www.newsbtc.com/2020/03/03/ethereum-bulls-waiting-for-crucial-bullish-break/
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