This Scenario Will Trigger A New Ethereum Rally Key Levels To Watch

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Published Jul 1, 2020

Ethereum is trading above a major support at $225 against the US Dollar. ETH could start a fresh rally if it clears the $228 and $230 resistance levels in the near term. Recently, Ethereum price made another attempt to surpass the $228 and $230 resistance levels against the US Dollar. ETH price failed to continue higher and formed a swing high near the $230 level. It corrected lower below the $226 level and the 100 hourly simple moving average. However, it remained well bid above the $222 support. It is currently rising and trading above the 23.6% Fib retracement level of the recent decline from the $230 swing high to $222 low. On the upside, an initial resistance is near the $226 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $230 swing high to $222 low. It seems like there is a decisive ascending channel forming with support near $224 on the hourly chart of ETH/USD. The first major resistance is near the $228 level, followed by the all-important $230 level. A successful close above the $230 resistance could trigger a fresh rally in ether above the $232 and $235 levels. If Ethereum fails to stay above the $224 level and the channel support, it could retest the $222 support level. Any further losses may perhaps put a lot of pressure on ether bulls. A bearish break below the $222 and $220 support levels may perhaps clear the path for a strong decline towards the $215 level and then to $205 in the near term. Technical IndicatorsHourly MACD – The MACD for ETH/USD is struggling to gain bullish momentum. Hourly RSI – The RSI for ETH/USD is currently sliding and it is below the 50 level. Major Support Level – $222Major Resistance Level – $230Take 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/2020/07/01/new-ethereum-rally-230/

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Kategorien: ethereum Kryptowährung

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This Scenario Will Trigger A New Ethereum Rally Key Levels To Watch

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