Last week, the price of Ethereum gained a strong bullish momentum above the resistance of $ 250 against the US dollar. The pair ETH / USD has risen above the resistance levels of 260 and 270 dollars. The upward movement was such that the price was trading until a new high of 2019 at about $ 281. Later, there was a strong downward correction in both Bitcoins and Ethereum. The price of ETH has fallen sharply below support levels of $ 260 and $ 250. It was trading close to $ 225 and remained well above the simple moving average of 100 (4 hours).
The swing low was recently formed around $ 223, and a new support base was formed. Moreover, on the 4-hour ETH / USD chart, there is a key bullish trend line with support around $ 236. As a result, the pair rose higher and overcame resistance at $ 240. There was a breakthrough above the Fibonacci retracement level of 23.6 %% of the last drop from a high of $ 281. To a minimum of $ 223. This opened the door to increase profits above $ 250. Now the price is testing the Fibonacci retracement level of 50% from the last drop from a high of $ 281. To a minimum of $ 223.
A clear breakthrough above the resistance level of $ 255 will probably determine the pace for further growth. The next immediate resistance is around $ 258, above which the price is likely to retest a maximum of $ 281. The next important resistance is near $ 288 and $ 292. On the other hand, the main support for bulls is about $ 240 and $ 225.
The above chart shows that Ethereum is above key supports around $ 240 and $ 225. Thus, there are high chances of a strong upward movement Rising Prices above resistance levels of 255 and 260 dollars. The next target for bulls can be $ 300.
4 hours MACD – MACD for ETH / USD is currently gaining momentum in the bull zone.
4 hours RSI – RSI for ETH / USD is now well above the level of 50 and can rise to 80.
Main support level – $ 225
The main resistance level is $ 280
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