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Key points
- The ETH price found strong support near the $ 206 level and recovered against the US dollar.
- There was an interruption above a bearish trend line coinciding with a resistance at $ 209 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair is currently moving toward resistance levels $ 212 and $ 214 in the short term.
The price of Ethereum is traded in a range with respect to the US dollar and bitcoin. The ETH / USD must overcome the resistance of $ 214 to start a solid upward move.
Price analysis of Ethereum
There have been some downtrends below $ 215 and $ 210 in the ETH price against the US dollar. The ETH / USD pair tested the $ 206 support level on two occasions. However, buyers were successful in defending downturns below the $ 206 support. The price stood at a low of $ 205 and has recently recovered beyond the 100-hour moving average. There was also a break above the 50% Fibra retracement level of the recent decline from the low of $ 214 to a low swing of $ 205.
More importantly, there was a break above a bearish link trend line with resistance to $ 209 on the hourly chart of Eth / USD. The pair is approaching the resistance of $ 212 and another bearish trend line on the same chart. An immediate resistance approaches the Fib retracement level 76.4% of the recent decline from the low of $ 214 to a low swing of $ 205. If there is a break above the trendline, there is a possibility that the price could exceed the $ 214 limit. A positive closing above the resistance of $ 214 is necessary for a good short-term recovery.
Looking at the chart, the ETH price is pleasantly traded above the $ 206 support area. That said, buyers must take control over $ 212 and $ 214 for further improvements in the next sessions.
MACD time – The MACD is positioned well in the bullish zone.
RSI timetable – The RSI is currently well above level 50.
Main support level: $ 206
Main resistance level: $ 214
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