Ethereum on the rise?

Ethereum on the rise?


Ethereum is holding strong above the $225 support level against the US Dollar. Possibly it will continue slowly rising and continue higher towards $235 and $240. Ethereum is following a bullish path and it recently spiked above the $230 resistance level. The price could correct a few points, but the $228 and $225 levels are important supports. 

In the past three days, Ethereum price followed a bullish path above the $220 pivot level against the US Dollar. ETH price gained pace above the $225 resistance level and the 100 hourly simple moving average.

The recent upward move was positive, and ether traded above the $228 and $230 resistance levels. It traded to a new weekly high at $233 and it is currently correcting lower. 

On the upside, the $232 level is an initial resistance. The next key resistance is near the $235 level, above which the price might rally towards the $240 and $245 levels.

If Ethereum corrects lower, the channel support and the 100 hourly SMA could provide a strong support. Any further losses may perhaps lead the price towards the $222 support zone.

A successful close below the $222 support will most likely decrease the chances of a sustained upward move towards the $250 level in the coming sessions.

 

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Panzer
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