Ethereum’s Ether is recovering and trading above the $235 resistance against the US Dollar. ETH seems to be preparing for a crucial upside break above $238 and $240.
- Ether is recovering from the $232 support and trading above $235.
- The price is now approaching the main $238 and $240 resistance levels.
- There is a major bearish trend line forming with resistance near $238 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong increase if it clears the $238 and $240 resistance levels.
Ether Price Approaching Next Break
After another rejection near $240, Ether price corrected lower against the US Dollar. ETH traded below the $236 support level, but it remained well bid above the $232 level.
A low was formed near $234 and the price recently corrected higher. It broke the $235 and $236 resistance levels. There was a break above the 50% Fib retracement level of the recent drop from the $240 swing high to $234 low.
The price is now trading above the $237 level and the 100 hourly simple moving average. However, it is now facing hurdles near the $238 level. There is also a major bearish trend line forming with resistance near $238 on the hourly chart of ETH/USD.
Ethereum's Ether testing $238. Source: TradingView.com
The 76.4% Fib retracement level of the recent drop from the $240 swing high to $234 low is also close to the $238 level. If the bulls gain strength above the trend line and $238, there are chances of a steady rise towards $240 and $242. Any further gains could open the doors for a strong rally towards the $250 and $252 levels.
