Ethereum (ETH) Price Climbs Again, Bulls Likely Sighting $240

THELOGICALINDIAN - Ethereum amount is aback in a absolute area against the US Dollar and bitcoin ETH amount is assuming absolute signs and it ability abide to acceleration aloft the 225 level

Ethereum Price Analysis

Yesterday, ETH amount corrected lower beneath the $212 and $210 supports adjoin the US Dollar. Moreover, there was a breach beneath the $205 abutment area. However, the $202 and $200 levels acted as able supports. A beat low was formed abreast $202 and the amount started a beginning increase. It surged aloft the $210 and $215 attrition levels to move aback into a absolute zone.

More importantly, there was a breach aloft a abutting bearish trend band with attrition abreast $208 on the alternate blueprint of the ETH/USD pair. It opened the doors for added assets aloft the $220 level. Finally, the amount traded to a new account aerial at $225. Recently, Ethereum started a downside alteration and traded beneath the $220 level. It alike bankrupt the 23.6% Fib retracement akin of the contempo beachcomber from the $202 low to $225 high.

However, there are abounding supports on the downside abreast the $215 and $212 levels. Additionally, the 50% Fib retracement akin of the contempo beachcomber from the $202 low to $225 aerial is additionally abreast the $213 level. There is additionally a new above bullish trend band basic with abutment abreast $210 on the aforementioned chart. More importantly, the 100 alternate simple affective boilerplate is additionally abutting to the trend band and $208.

Therefore, dips appear the $212 and $210 levels could acquisition a able affairs absorption in the abreast term. On the upside, an actual attrition is abreast the $225 level. If there is an upside breach aloft $225, the amount could assemblage added appear the $240 attrition area.

Looking at the chart, Ethereum amount is aback in a absolute area aloft the $210 and $212 levels. As continued as there is no abutting beneath the $210 abutment and the 100 alternate SMA, there are affairs of addition access appear the $240 level.