ETH/USD chart - Trading View
Exchange - Coinbase
Support: 218.24 (20-DMA); Resistance: 240.09 (55-EMA)/ 256.72 (38.2% Fib)
Technical Analysis: Bias Slightly Bullish
Ethereum is tracking gains in the kingcoin, opens the week on a bullish note.
ETH/USD spiked around 3% higher on the day to hit highs of 231.21 before paring some gains.
The pair edges lower from 3-week highs at 231.21, trades at 228.91 at 07:00 GMT.
Stiff resistance seen at 231 (nearly converged 110-EMA and 23.6% Fib).
Technical indicators on the daily charts are turning slightly bullish. Stochs and RSI are biased higher.
MACD shows a bullish crossover on signal line and positive DMI shows crossover on negative DMI.
The pair has resumed upside with a 'Dragonfly Doji' formation on the weekly charts.
Break above 110-EMA resistance will see further upside. Next bull target lies at 55-EMA at 240 ahead of 38.2% Fib at 256.72.
Rejection at 110-EMA and break below 20-DMA support (218.24) negates bullish bias.


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