The price of Ethereum is well beyond the support area of $ 210.00. ETH / USD is likely to position itself for a bullish break above $ 215.00 in the near term.
- The price of Ethereum is faced with a solid obstacle near the resistance area of $ 214.00-215.00.
- ETH / USD is following a declining channel with resistance at $ 212.80 on the 30-minute chart.
- The price may perhaps exceed the resistance of $ 215.00 as long as it is more than $ 210.00.
Price analysis of Ethereum
There have been above all moves in the range above the support of $ 210.00 in the price of Ethereum in the last two sessions. The price is currently showing positive signs and it seems that buyers make another attempt to overcome the resistance of $ 215.00.
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Looking at the 30-minute ETH / USD chart, the pair recently passed the $ 215.00 level and then started a downward correction. The pair traded below the $ 213.00 level and the Fib retracement level at 23.6% of the last wave from the low of $ 206.28 to $ 215.00.
There was also a push below the $ 212.00 level and the 25 simple (30 minute) moving average. However, the losses were protected by the $ 210.00 support area.
More importantly, the price found support near the Fib 50% retracement level of the last wave from the low of $ 206.28 to $ 215.00 in height. It is currently recovering, but following a declining channel with resistance to $ 212.80 on the same chart.
If there is a break above the resistance of the channel, the price could test the resistance zone of $ 214.00-215.00, which is a solid barrier to further gains. A successful close above the $ 215.00 barrier could open the door to a sustained rise to the $ 222.00 level.
On the other hand, if buyers can not push the price above $ 215.00, there may be another support level test $ 210.00 or $ 209.00. Below $ 209.00, the price is likely to slide towards the $ 202.00 level.
The overall price action is positive as long as the price of Ethereum is higher than the support of $ 209.00. A break above $ 215.00 is required for a bullish acceleration in the next sessions.
Market data is provided by TradingView, Bitfinex.