Ethereum price is likely to climb to new highs

Ethereum price is likely to climb to new weekly highs against the US dollar and bitcoin. ETH/USD remains supported on dips near the $225.00 and $220.00 levels.

Key Highlights

Ethereum price rallied above the $225.00 resistance and tested $230.00 against the US dollar.

ETH/USD is still trading inside a major triangle, with resistance at $228.00 on the 6-hour chart.

ETH/BTC is slowly moving higher toward the 0.0350BTC resistance.

Technically, the hourly chart indicators are moving nicely in the bullish territory.

Ether Price Analysis

There was a decent upward move above the $225.00 resistance in ETH/USD. The pair even spiked above the $230.00 resistance, but it failed to hold gains and formed a high at $231.65.

ETH/BTC also moved higher and settled above the 0.0340BTC support. The pair could continue to move higher toward the 0.0350BTC resistance in the short term.

Ethereum price is likely to climb to new highs

Ether Price Analysis ETH

Starting with the hourly chart of ETH/USD, the pair bounced nicely from the $220.00 support area. The upward move was positive as the price broke the $225.00 resistance level. It even traded above the $230.00 resistance, but buyers failed to hold gains.

Later, the price started a downside correction and declined below the $228.00 level. There was a test of the 23.6 Fibonacci retracement level of the last wave from the $215.99 low to $231.65 high.

On the downside, there is a decent support formed near the $225.00 level and a bullish trendline on the same chart. Below the trendline, the next support is near the $220.00 level and the 50 Fibonacci retracement level of the last wave from the $215.99 low to $231.65 high.

Moving up to the 6-hour chart of ETH/USD, the pair is still trading in a crucial contracting triangle with resistance at $228.00 and support at $220.00.

Therefore, sooner or later, Ether’s price is likely to make the next move either above $230.00 or below $220.00. The current price action indicates that Ether buyers could gain control above the $228.00 and $230.00 levels in the coming sessions.