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.
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.
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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