Yesterday, the ETH/USD pair showed a sharp decline, dropping below the support levels of $225, $220, and reached a minimum of $217,79. However, today the pair ETH/USD is already showing recovery. At the time of publication, the ETH/USD pair is trading at $235.
In a few hours, the bulls managed to send the price of Ethereum above the key levels of $220, $225, $230. And now the ETH/USD pair is trading below 50% Fibonacci retracement level of the decline from $238 to $218. The ETH/USD pair was also able to return above the 100-hour Moving Average. This increased the mood of the bulls. The $235 level opens the way for the bulls to the area of $240 and $245. Passing this area will open the way to $250 in the short term.
If the bears manage not to let the bulls rise above $235, we can expect the beginning of a bearish correction. In this case, the ETH/USD pair will fall to the support level of $230.
Now on the hourly chart, the ETH/USD pair is forming an upward trend line with support around $233. A break below this level could increase bear pressure, and the price could drop to $220.
The RSI technical indicator is trading above 60, forming an uptrend. So, most likely, the bulls will try to raise the price above $235 to the levels of last week.
Major Support Level - $230
Main resistance level - $235