Ethereum Price Analysis: ETH / USD can extend recovery above $ 200?


Key Points

  • The ETH price began to rise up after finding support near $ 168 against the US dollar.
  • There was a break above a declining channel with resistance to $ 183 on the hourly chart of Eth / USD (data feed via Kraken).
  • The pair is likely to face strong resistance near the $ 200 level and a simple 100-hour moving average.

The price of Ethereum is slowly recovering from the US dollar and bitcoin. ETH / USD buyers may face a difficult challenge near the 190-200 $ resistance zone.

Resistance to etereum prices

Yesterday, we saw a downward break below the $ 175 level in the ETH price against the US dollar. The ETH / USD pair translated to support of $ 165 and found offers near the $ 168 level. Subsequently, the price started an upward correction and moved above the $ 175 level. upside, the price also broke the resistance of $ 180. It opened the doors for a boost above the 50% fiber retracement level of the last slide from $ 199 up to $ 168 at the bottom.

More importantly, there was a break above a declining channel with resistance to $ 183 on the ETH / USD time chart. The price has also barbed above the resistance zone $ 188-190. However, the price suffered strong resistance near the $ 192 level and the simple 100-hour moving average. Furthermore, the 76.4% retracement level of Fibers from the last slide from $ 199 up to $ 168 is acting as a resistance. It seems that the price could drop some point towards the broken channel at $ 182-183.

 Price Analysis of Ethereum ETH USD

Looking at the chart, the ETH price will probably compete next to $ 192 and the 100-hour SMA. Above this, the next major obstacle for buyers is close to the $ 200 level. On the downside, previous resistances near $ 182, $ 180 and $ 175 are likely to serve as support.

MACD timetable – The MACD is now back in the bullish zone.

RSI timetable – The RSI has moved above level 60.

Main support level – $ 175

Resistance level main – $ 190

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