{"id":429130,"date":"2020-07-01T06:58:57","date_gmt":"2020-07-01T06:58:57","guid":{"rendered":"https:\/\/wncen.com\/?p=429130"},"modified":"2024-06-11T14:04:34","modified_gmt":"2024-06-11T14:04:34","slug":"new-ethereum-rally-230","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-ethereum-rally-230\/","title":{"rendered":"This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch"},"content":{"rendered":"
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.<\/em><\/p>\n Recently, Ethereum price made another attempt to surpass the $228 and $230 resistance levels<\/a> against the US Dollar. ETH price failed to continue higher and formed a swing high near the $230 level.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/a><\/p>\n 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.<\/p>\n If Ethereum fails to stay above the $224 level and the channel support, it could retest the $222 support level. Any further losses<\/a> may perhaps put a lot of pressure on ether bulls.<\/p>\n 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.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price is Holding Key Support<\/h2>\n
thereum price trades near $225. Source: TradingView.com<\/a><\/pre>\n
Downside Reaction in ETH?<\/h2>\n