- Ethereum price spikes above the falling wedge pattern and takes a jab at $240 resistance.
- ETH/USD appears to be back in its bullish phase as indicators align in favor of more bullish action.
Ethereum price is taking its bullish action a notch higher by not only jumping above the initial resistance at $230 but also advancing above $235. The gains are in tandem with Bitcoin’s correction above $9,000. Besides, the cryptocurrency market remains relatively bullish on Friday.
ETH/USD is trading at $235 while fighting its way to break above the resistance at $240. The impact of overcoming the falling wedge pattern appears to be positively influencing the Ethereum. The 4-hour chart shows Ether trading under the 100 SMA while the 50 SMA sitting comfortably at $225, ready to stop losses in the event a reversal breaks support at $230.
Most of the technical indicators point towards possible farther upward advancement with the medium-term target at $250. The RSI, for instance, is almost entering the overbought region while the MACD just crossed into the positive region. Since the dip to the primary support at $210, the momentum indicator continues to post a higher high pattern, emphasizing the buyers are in the driver seat.
Ethereum confluence resistance and support levels
Support one: $231 – Fibonacci 23.6% one-day and the SMA ten 15-minutes.
Support two: $229 – Previous low 1-hour and 61.8% one-day.
Resistance one: $239 – Pivot Point one-day resistance two.
Resistance two: $249 – Fibonacci 38.2% one-month.