Ethereum has made small gains over the final weekend (amounting to the last few days) of September, as it has surpassed the $230 price point. This is an approximately $7 rise from last week’s low price of $225.
Key Motions Of The Ethereum Price
- The last few days of September saw a rise in the Ethereum value, which had topped off at above $230.
- The trend shows a monster bullish market with the support of the $221 occuring on the hourly chart.
- The price may continuing moving upward, as long as the $221 and $223 are upheld.
- While showing bullish signs against the USD and Bitcoin, Ethereum/ USD is showing resistance around the $236 and $238 levels.
A Deeper Price Analysis
The Ethereum price has seen bullish moves in the past few hours, with a position of $220 ETH against the US Dollar. The ETH/USD pair traded higher and entered the $226 and $230 resistance levels.
There was a leap above the $236 level, which leveled the price above the 100 hourly Simple Moving Average (SMA). The highest price reached $239.31, which had later declined to the $213 low, a reduction below the 23.6% Fib retracement level of the last leg.
The declines were hedged by the $224 level and the 100 hourly SMA. There had not been a close below the 50% Fib retracement level of the last leg to the low and high of $213 and $239, respectively.
Below the $226 price, the key support rests around $223 and the 61.8% Fib retracement level.
There is also a monster bullish trend secured, with the support of $221 on the hourly chart. The support for further gains above $236 will continue so long as the price is above the trend line.
If the $239 high is broken with higher prices, they will most likely surge to a level nearing $250.
Based on the chart above, Ethereum is showing positive signs above the $223 and $221 support levels. The price may likely swing to the low of $213 during the near term.
The hourly Moving Average Convergence Divergence (MACD) is showing signs of moving into a bullish zone. The hourly Relative Strength index (RSI) is above the 50 level. Ethereum’s major support level is at $221 and its major resistance level is at $236.
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