{"id":392205,"date":"2019-08-05T03:58:26","date_gmt":"2019-08-05T03:58:26","guid":{"rendered":"https:\/\/wncen.com\/?p=392205"},"modified":"2024-06-11T13:46:17","modified_gmt":"2024-06-11T13:46:17","slug":"ethereum-price-eth-breaks-225-bitcoin-rallies-8-to-11600","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-price-eth-breaks-225-bitcoin-rallies-8-to-11600\/","title":{"rendered":"Ethereum Price (ETH) Breaks $225, Bitcoin Rallies 8% To $11,600"},"content":{"rendered":"
Ethereum price is showing a lot of positive signs above $225 versus the US Dollar, while bitcoin<\/a> rallied 8%. ETH price might continue to climb towards the $240 and $250 levels.<\/em><\/p>\n In the past few sessions, there were bullish moves in Ethereum price above $220 against the US Dollar. The ETH\/USD pair formed a swing low near the $216 level and recently started a strong upward move. The pair climbed above the key $220 resistance level to start an uptrend. More importantly, bitcoin price rallied above $11,200<\/a> (as discussed in the weekly forecast).<\/p>\n During the rise, there was a break above a major bearish trend line with resistance near $221 on the hourly chart of ETH\/USD. The pair even cleared the $225 resistance and settled well above the 100 hourly simple moving average. A swing high is formed near $231 and the price is clearly gaining strength. An immediate support is near the $227 level. The 23.6% Fib retracement level of the recent rally from the $216 low to $230 high is also near the $227 level.<\/p>\n However, the main support is near the $224 level. The 50% Fib retracement level of the recent rally from the $216 low to $230 high is also near the $227 level is also near the $224 level. Moreover, the $224-$225 zone represents the previous resistance zone. Therefore, the $224 zone is likely to act as a strong support in the near term.<\/p>\n On the upside, a clear break above the $232 level might start a push towards the $240 zone. If the bulls remain in action, there are chances of an upside break towards the $250 level in the coming sessions.<\/p>\nEthereum Price Analysis<\/h2>\n