Despite the bearish trend line, the ETH cryptocurrency has managed to make a breakthrough and is going to stay that way.
Analyzing ETH Price
Over the past sessions, Ethereum started showing positive dynamics even above the level of $220. After falling to $216, the cryptocurrency plucked up courage and rushed upstream. The ETH/USD pair reached and crossed the line of $220, and kept moving on. Meanwhile, the Bitcoin (BTC) price reached $11,200, which is an 8 percent increase.
The ETH/USD pair resistance level was at approximately $221, but then came a swing up to $231. The support level can be traced from $227, but the main support – close to $224 level. The Fibonacci retracement level of the swing from $216 to $230 is close to $224 level as well. Thus, in the short run the $224 zone is going to be a clear support.
If to speak about Ethereum cryptocurrency tech indicators, its main level of resistance is at 232 USD and major support level – 224 USD.