During the previous week, the ETH price started a strong rally above the $200 level and even surpassed BTC against the USD. Moreover, it surged above the $210 level and traded above the 100 simple moving average (4-hours).

This paved way for more gains and the price recently surpassed the $225 level. A new 2020 high was formed at $230 and the price is currently consolidating gains. The first major support on the downside is around the $225 level.

Besides, the 23.6% Fib retracement level of the recent uptrend from the $214 swing low to $230 high is also close to $225. Notably, there is this formation of a key contracting triangle, with support near $225, on the ETH/USD 4-hourschart.

On the upside, the $230 level serves as an initial resistance for ETH bulls. A clear break above this level could pave way for a massive rally towards the $250 resistance area. An intermediate resistance for the bulls is close to the $240 level. Any further gains above this level could lead the price towards the $262 and $265 resistance levels in the near term.

On the downside, the $225 level serves as the first major support for ETH. If ETH fails to stay above the contracting triangle support, it could drop further towards the $220 level. An intermediate support is seen close to the $221 level. It represents the 50% Fib retracement level of the recent uptrend from the $214 swing low to $230 high. Any further losses may perhaps cause a strong decline towards the $200 support area and the 100 simple moving average (4-hours).

Overall, the ETH price action is very bullish. This suggests more gains above the $230 and $240 levels in the coming sessions.Technical indicators also suggest that the 4 hours MACD for ETH/USD is now gaining pace in the bullish zone. The pair’s 4 hours RSI (Relative Strength Index) is currently well above the 70 level. Major support level is at $220, whereas major resistance level is als

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