Ethereum Bulls Are Waiting For A Bullish Break Above $240

The Ethereum bulls are waiting for a new bullish break above the $240 resistance and the price could manage to increase only if a break above this price levels happens. In our ethereum latest news, we take a closer look at the price analysis below.

Ethereum is gaining momentum slowly above the $220 price range against the US dollar but the price has to increase above the $238 and $240 levels to start a significant rise. There was also a break above the major bearish trend line at $225 on the hourly charts while Bitcoin’s price also recovered and is now trading in the $8,000 level as per the ethereum latest news.

Over the past three sessions, Ethereum traded in a positive manner above the $220 resistance against the US dollar. The price of Ethereum increased by more than 4 percent and it broke the $225 resistance to move into the positive zone. There was a proper close of the price above the $225 level and the 100-hourly simple moving average but most importantly there was a clear break above the major bearish trend line over the $225 level on the hourly charts of the pair.

The Ethereum bulls remained well bid and waited for the price to climb above the $230 level so soon there was a new intraday high formed close to the $235 so the price is now correcting lower. There was a clear break below the $232 level. Ethereum even traded below the 23.6 Fib retracement level of the recent upward movement from $212 to $235. Initial support on the downside is close to the $228 level and the 100 hourly simple moving average.

The next big support level for Ethereum will be the $225 level while the main support is now close to the $223 level. This one coincides with the 50% Fib retracement level of the recent upward movement to the $235 high. Dips in the price of Ethereum remain supported close to the $223 while on the upside, there are a few important resistances close to the $238 and $240. A successful break above $240 will be needed in order for a new upward movement to be launched. If Ethereum fails to continue higher than $238, it could drop to $225, according to the ethereum latest news analysis.