Ether’s price is gaining bullish momentum against the US dollar and bitcoin. ETH/USD is likely to overcome strong offers near the $230.00-232.00 resistance.
Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
During the past few hours, ETH/USD traded with a positive tone above the $220.00 support. The pair traded above the $225.00 and $228.00 resistance levels, and challenged the $230.00-232.00 hurdle.
ETH/BTC also moved higher, but gains were limited above the 0.0345BTC level. It seems like the pair could continue to trade toward the 0.0350BTC resistance, above which Ether is likely to test 0.0362BTC.
Looking at the 2-hour chart of ETH/USD, the pair gained traction above the $225.00 support. There were two green candles formed, and Ether’s price spiked above the $230.00 resistance. A fresh weekly high was formed at $231.95, but buyers failed to hold gains.
Having said that, the current price action is very positive and indicates that Ether buyers are taking control above $225.00. The price could continue to move higher toward $235.00 after a minor correction. On the downside, there is a key bullish trendline formed, with support at $223.00 on the same chart.
Dropping down to the 30-minute chart of ETH/USD, there was a solid spike above the $230.00 resistance. The price settled above the $225.00 and $227.00 supports. Should there be a downside correction, the price may test a major bullish trendline, with support at $225.00.
An intermediate support is the 50 percent Fibonacci retracement level of the recent upward move from the $221.23 low to $231.95 high at $226.00.
Overall, Ether is trading with a bullish bias above $225.00. If buyers gain strength above the $230.00 resistance, there may be a sharp upward move toward the $240.00 and $250.00 levels in the near term.