Ethereum Flirts With Key Resistance: Here’s Why It Could Correct Before Fresh Rise

Ethereum price extended its rise above the $220 resistance area against the US Dollar.
 ETH is currently facing hurdles near $230 and it could correct in the short term.Ethereum is facing a key resistance near the $230 area against the US Dollar.
The price might correct a few points towards $223 or $220 before climbing again.
There is a major bullish trend line forming with support near $225 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is now trading well above the key $10,000 resistance area.



Ethereum Price Could Correct In Short
 TermIn the past few days, Ethereum followed a strong uptrend and broke the $210 and $220 resistance levels against the US Dollar.
 ETH price even settled above the $220 level and 100 hourly simple moving average.Recently, the price tagged the $230 area, where the bears took a stand.
 The bulls made two attempts to lead the price above the $230 level, but they failed.As a result, the price started consolidating gains and it is currently correcting lower from $230.


 The price dipped below the $225 level before it found support near $224.
 It bounced back above the 50% Fib retracement level of the recent decline from the $230 high to $224 low.
However, Ethereum is again facing hurdles near the $230 level. Besides, the 76.4% Fib retracement level of the recent decline from the $230 high to $224 low is also acting as a resistance.

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