Ethereum Poised For a Fresh Rally Based On This Bullish Market Structure

Ethereum is showing positive signs above $225 against the US Dollar.
 ETH price is likely forming a bullish breakout pattern and it could soon rally above $235-$238.Ethereum is forming a nice bullish formation above the $220 support area against the US Dollar.
The price is likely to surge above $230 and $235 to start a fresh rally in the near term.There is a contracting triangle forming with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin price is also likely to start a strong rally after the recent rate cut from the fed.



Ethereum Price Could Rally Soon

After testing the $235 resistance, Ethereum started a downside correction against the US Dollar. ETH price corrected below the $232 and $230 support levels.
Besides, there was a break below the 50% Fib retracement level of the recent rise from the $212 low to $235 high.
 It even spiked below the $225 support and tested the $220 support level, which acted as a strong buy zone.
It seems like the bulls are able to defend the 61.8% Fib retracement level of the recent rise from the $212 low to $235 high.
 Ethereum is now climbing higher and trading above the $225 level and the 100 hourly simple moving average.
More importantly, there is a contracting triangle forming with resistance near $230 on the hourly chart of ETH/USD.
A convincing break above the $230 resistance level could open the doors for a fresh rally.


The main hurdles are near the $235 level, above which the bulls are likely to aim a test of the $250 and $255 resistance levels in the coming sessions.
 Any further gains could lead the price towards the $265 resistance zone.

$235 As Key Resistance

 If Ethereum fails to surpass the $230 and $235 resistance levels, there is a risk of another bearish reaction.
 An initial support is near the $225 level, followed by the triangle support.

If the bulls fail to protect the triangle support, it will invalidate the bullish bias and the price might dive below the $220 support level.
 The next key support is near the $215 level.
Any further losses may perhaps lead the price towards the $212 swing low in the near term.
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