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Key Points
- The ETH price started a short-term upward correction after trading at $ 185 against the US dollar.
- There is a bearish trend line in place with resistance to $ 205 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is facing a lot of strong resistance near $ 205, $ 213 and $ 215.
The price of Ethereum is slowly correcting higher than the US dollar and bitcoin. ETH / USD must break the resistance of $ 215 to recover well in the short term.
Ethereum Price Resistance
Last week, we saw a significant downside break under the support of $ 210 in the ETH price against the US dollar. The ETH / USD pair traded at a low of $ 185 and then started a slight upward correction. It moved higher and broke the $ 200 resistance. There was also a break above the 23.6% Fibra retracement level of the last slide from the minimum of $ 234 to the minimum $ 185.
However, the upward move was limited by the $ 208 level. More importantly, there is a bearish trend line in place with resistance at $ 205 on the ETH / USD time chart. . The same trend line is behaving like a strong resistance close to $ 205-206 and is reducing the peaks. Above the trendline, the 50% fiber retracement level of the last slide from $ 234 up to $ 185 at the bottom is $ 210. Above this, there is a major resistance formed near the $ 213-215 area. The area declared $ 215 was a support previously and could now act as a resistance. Finally, the 100-hour moving average is positioned near the $ 216 level.
Looking at the chart, the ETH price is clearly facing a lot of obstacles close to the $ 205 and $ 215 levels. As long as the price is less than $ 215, it remains at risk of further losses to the $ 185 level in the near term.
MACD schedule – The MACD is about to return to the bearish zone.
RSI Schedule – The RSI is currently near level 50.
Main support level – $ 185
Main resistance level – $ 215
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