Key Highlights

There were further gains in ETH price, as it moved to a new high at $228.50 against the US Dollar.

There is a crucial ascending channel forming with support at $205 on the hourly chart (ETH/USD, data feed via SimpleFX).

If there is a minor dip towards $205-208, the price may find support for another upside move.

Ethereum price gained solid pace against the US Dollar and Bitcoin, and it looks like ETH/USD is gunning for the $250 level.

Ethereum Price Uptrend Intact

Yesterday, I highlighted a major horizontal resistance at $191 in ETH price against the US Dollar. A break above was required for further gains above $200. The price did break $191, and also managed to overcome all offers near $200. It ignited a sharp upside move and took the price to a new high at $228.50. Earlier, there was a minor dip towards the $185-188 levels where the price found support and bounced sharply.

After setting a high at $228.50, the price started a correction. However, there are many supports like $208 waiting on the downside to hold losses. There is a crucial ascending channel forming with support at $205 on the hourly chart of ETH/USD. It can be seen as a major uptrend support at $205-208. As long as the price is above $200, there can be at least a retest of $228.50. The $208 support is also near the 23.6% Fib retracement level of the last wave from the $136.40 low to $228.50 high.

So, if there is a correction towards $205-208, the price may find support for another upside move. On the upside, a break above $228-230 could easily open the gates for a move towards $250.

Hourly MACD – The MACD is moving nicely in the bullish zone.

Hourly RSI – The RSI is currently at 62 and correcting extreme overbought levels.

Major Support Level – $205

Major Resistance Level – $228

Charts courtesy – SimpleFX