{"id":429007,"date":"2020-06-30T06:58:27","date_gmt":"2020-06-30T06:58:27","guid":{"rendered":"https:\/\/wncen.com\/?p=429007"},"modified":"2024-06-12T09:20:44","modified_gmt":"2024-06-12T09:20:44","slug":"ethereum-eth-could-rally-above-230","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-could-rally-above-230\/","title":{"rendered":"Ethereum Could Narrowly Avoid Another Decline If It Closes Above $230"},"content":{"rendered":"
Ethereum is slowly recovering and trading above the $225 level against the US Dollar. ETH is likely to rise sharply if it clears the $228 and $230 resistance levels.<\/em><\/p>\n In the past few sessions, Ethereum price started a steady rise above the $220 level against the US Dollar. ETH price managed to recover above the $225 resistance level and the 100 hourly simple moving average.<\/p>\n However, the price failed to gain momentum above the $228 and $230 resistance levels<\/a>. A high is formed near $230 and ether is currently correcting lower. It traded below the $228 level and the 100 hourly SMA.<\/p>\n An immediate support could be $225 since it is close to the 50% Fib retracement level of the recent wave from the $221 low to $230 high. There is also a crucial ascending channel forming with support near $224 on the hourly chart of ETH\/USD.<\/p>\n <\/a><\/p>\n The channel support is close to the 61.8% Fib retracement level of the recent wave from the $221 low to $230 high. On the upside, the price is clearly struggling to clear the $228 and $230 resistance levels.<\/p>\n If ether price settles above the $230 resistance level, there are high chances of a sustained upward move. The next major resistance is near the $235 level, above which it could revisit the $250 resistance.<\/p>\n If Ethereum fails to clear the $228 and $230 resistance levels, it is likely to start a fresh drop. The channel support is near the $224 level, below which the price might gain traction below $222.<\/p>\n A downside break below the $222 and $220 support levels may perhaps open the doors for another decline towards the $215 level. The next key support<\/a> is near the $205 level.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price is Rising Steadily<\/h2>\n
Ethereum price trades below $230. Source: TradingView.com<\/a><\/pre>\n
Downside Break in ETH?<\/h2>\n