The price of Ethereum formed support near the $ 202.80 level and recovered. ETH / USD is facing a tough challenge near the resistance of $ 206.00.
- The price of Ethereum has formed a solid support near the $ 202.80 level.
- ETH / USD is traded inside a triangle model with resistance at $ 205.50 on the 30-minute chart.
- The price must exceed the resistances of $ 205.50 and $ 206.00 for an upward acceleration.
Price analysis of Ethereum
After forming a short-term maximum at $ 210.50, the price of Ethereum has reduced most of the gains. There was a negative reaction and the price was traded at the $ 203.00 level.
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Looking at the 30-minute ETH / USD chart, the pair traded at $ 202.80 and subsequently began to consolidate losses. A solid support base was set at $ 202.80 and the price corrected a few more points later.
It has moved above the fiber retracement level of 23.6% from the last decline, from $ 210.50 to $ 202.80 below. Also, there was a break above the $ 204.50 level and the 25 simple (30 minute) moving average.
The price rose to the resistance of $ 206.00, which prevented further gains. An intraday high was formed at $ 205.89 and the price did not even manage to test the $ 206.00 level. It seems that the price is trading in a narrow range with support at $ 202.80 and resistance close to $ 205.80.
More importantly, the price is traded inside a triangle model with resistance at $ 205.50 on the same chart. If there is an upward break above the resistance of the range at $ 205.80, the price can test the 50% retracement level of Fibra from the last decline from $ 210.50 up to $ 202 , 80 below.
Once the ETH / USD has stabilized above the $ 206.50 level, buyers are likely to push the price towards the resistance of $ 210.00. The downside, if the price can not break the resistance of $ 205.80 or $ 206.50, could decline towards the support of the range at $ 202.80.
An intermediate support is at $ 204.60 and the average mobile at 25 simple (30 minutes). Overall, the price of Ethereum could move into a positive zone once there is a break and close above the resistance levels of $ 205.80 and $ 206.50.
Market data is provided by TradingView, Bitfinex.