A Key Bottom Is Forming For Ethereum and A Swift Rally Could Occur

Ethereum is trading below the key $235 resistance area against the US Dollar. ETH price seems to be forming a strong support above $220 and it could soon rally above $235.

  • Ethereum is likely forming a bottoming pattern above the $220 level against the US Dollar.

  • The price could gain bullish momentum once there is a clear break above the $235 resistance.

  • There is a major bullish trend line in place with support near $225 on the hourly chart of ETH/USD (data feed via Kraken).

  • Bitcoin price is trading above the $9,000 level and it may soon start another increase.

Ethereum Price Likely Forming Bottoming Pattern

In the past two days, Ethereum remained well bid above the $220 support level against the US Dollar. ETH price settled above the $225 level and the 100 hourly simple moving average.

On the upside, the $235 resistance area is acting as a strong barrier for the bulls. There were more than two attempts already to clear the $235 barrier, but the bulls struggled to gain momentum. Read More...