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The price of Ethereum has risen recently and has broken resistance from $ 208.00 and $ 210.00. ETH / USD is currently correcting earnings and is nearing a major support near $ 205.00-208.00.
- The price of Ethereum was traded higher sharply and exceeded the resistance zone of $ 208.00.
- ETH / USD is currently following a short-term downtrend channel with resistance to $ 210.00 on the 30-minute chart.
- The price is currently approaching an important support area close to $ 205.00-208.00.
Price analysis of Ethereum
The buyers finally got on the stage and pushed the price of Ethereum higher than the minimum of $ 198.86. The price has rallied and broke many resistances close to $ 200.00, $ 205.00, $ 208.00 and $ 210.00 levels.
Click to enlarge the chart
Looking at the 30-minute chart of Eth / USD, the pair clearly gained traction and surpassed the $ 218.00 level. A new weekly high was formed at $ 218.92 and thereafter the price started a downward correction.
The sellers pushed the price below the $ 215.00 level and the 25 simple (30 minutes) moving average. There was also a break below the Fibre 50% retracement level of the recent upward wave, from the low of $ 201.43 to a maximum of $ 218.92.
However, the price seems to approach a large support area near $ 205.00-208.00. In the beginning, there is a declining short-term channel formed with resistance at $ 210.00 on the same chart.
Channel support coincides with a bullish uptrend line with support for $ 207.50 on the same chart. In addition, the 61.8% fiber retracement level of the recent upward wave from the low of $ 201.43 to $ 218.92 is $ 208.13.
Therefore, the $ 207.50-208.00 zone is a decent support for the current fix. If there is a break below the support of $ 208.00, the price could slide towards the next main support at $ 205.50 (the previous resistance).
On the upside, the price must clear the resistance of the channel, $ 210.00 and the simple moving average to 25 (30 minutes) to regain the uptrend. In the case cited, it is likely that the price of Ethereum will resume its upward movement above the $ 215.00 level in the short term. The next major obstacle for buyers is near the $ 218.00-220.00 zone.
Market data is provided by TradingView, Bitfinex.
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