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Key points
- The price of the ETH traded further and broke the resistance of $ 198 against the US dollar.
- The important bearish trend following this week was surpassed with a resistance to $ 197 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair may submerge some points, but it is likely to find support near $ 196 and 100-hour SMA.
The price of Ethereum is slowly moving towards the US dollar and bitcoin. The ETH / USD could perhaps recover further towards the short-term resistance from $ 203.
Price analysis of Ethereum
After reaching the level of $ 191, the ETH price recovered well against the US dollar. The pair ETH / USD traded higher and broke resistance levels $ 195 and $ 196. Thereafter, there was a short-term correction, but the price remained above the $ support 195. The price formed a decent support base near $ 195 and then started an upward move. There was also a close above the $ 196 level and a simple 100-hour moving average.
More importantly, the key bearish trend line followed by this week has been outdated with a resistance to $ 197 on the hourly chart of Eth / USD. The pair has traded up to $ 200 and is currently consolidating gains. An initial support is the 23.6% Fibers retracement level of the last wave from the low of $ 191 to $ 200 high. However, the most significant support is close to the $ 197 level and the simple 100-hour moving average. Below the 100-hour SMA, next support is the 50% retracement level of Fibers from the low of $ 191 to $ 200. On the upside, an initial resistance is close to $ 199 and $ 200, beyond which the price could test $ 203.
Looking at the chart, the ETH price is positioned well above the $ 197 support and the 100-hour SMA. However, it will not be easy for buyers to cancel the resistance of $ 203.
MACD time – The MACD is now back in the bullish zone.
RSI timetable – The RSI is currently well above level 50.
Main support level: $ 197
Main resistance level: $ 203
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