Ethereum Correcting Gains But Here’s Why $230 Could Trigger Another Rally

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Published Jul 7, 2020

Ethereum rallied recently above the $235 resistance region against the US Dollar. ETH is currently correcting gains, but the $230 support might act as a strong buy zone. In the past few hours, there was a strong bullish price action in Ethereum against the US Dollar. ETH price gained traction and rallied above the $230 and $235 resistance levels. The upward move was such that the price even spiked above the $240 level and it settled above the 100 hourly simple moving average. A new weekly high is formed near $244 and the price is currently correcting lower. There was a break below the $240 level, plus the 23.6% Fib retracement level of the recent rally from the $223 swing low to $244 high. Moreover, there was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD. Ether price is currently declining towards the $235 support level. The first major support is near the $232 level or the 50% Fib retracement level of the recent rally from the $223 swing low to $244 high. On the upside, the price is likely to face selling interest near the $240 level. A successful break above the $240 and $244 resistance levels could open the doors for a strong rise towards the main $250 barrier in the coming sessions. On the downside, the $232 region is likely to act as a strong buy zone. The next key support is seen near the $230 level (a significant breakout zone). If there is a downside break and close below the $230 level, Ethereum is likely to move back into a bearish zone in the near term. Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level. Major Support Level – $232Major Resistance Level – $240Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/07/07/ethereum-230-could-trigger-another-rally/

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Kategorien: ethereum Kryptowährung

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Ethereum Correcting Gains But Here’s Why $230 Could Trigger Another Rally

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