Crypto Technicals: ETH/USD tracks Bitcoin higher, tests 23.6% Fib above $230 mark

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.