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The price of Ethereum was traded below support levels of $ 215.00 and $ 210.00. ETH / USD has been corrected recently, but the previous support at $ 215.00 has acted as resistance.
- The price of Ethereum has stabilized under an important support area at $ 215.00.
- ETH / USD is struggling to break down two downtrend lines with resistance close to $ 215.00 on the 30-minute chart.
- The price is forming a solid support near the $ 209.00 and $ 208.00 levels.
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Price analysis of Ethereum
Last week, we saw solid support around the $ 214.00-215.00 area in the price of Ethereum. Recently, sellers gained traction and pushed the price below support levels of $ 215.00 and $ 210.00.
Click to enlarge the chart
Looking at the 30-minute ETH / USD chart, the pair reached $ 206.00 and stood at a low of $ 206.28. Later, the pair recovered sharply and passed the $ 209.00 level. It appears that the price is forming a solid support near the $ 209.00 and $ 208.00 levels.
The buyers have recently managed to push the price above the $ 212.00 level and the 50% fiber retracement level of the last drop from $ 217.45 up to $ 206.28 down. There was also a close above the $ 212.00 level and the 25 simple (30 minute) moving average.
However, the upward move was limited by the $ 214.00-215.00 area, which was a support previously and now acts as a resistance. More importantly, there are two bearish trend lines in place with resistance near $ 215.00 on the same chart.
In addition, the price failed to break the Fib retracement level 76.4% of the last drop from the $ 217.45 high to $ 206.28 low. Therefore, the resistance of $ 215.00 clearly represents an important barrier for shoppers in the short term. If there is a bullish break above $ 215.00, it could open the door for a decent recovery to $ 220.00 or $ 222.00 levels.
On the flip side, immediate support is close to $ 212.00 and 25 SMA. If buyers fail to keep earnings above $ 212.00, the price may perhaps revisit the $ 209.00 support area. The current price action is positive for Ethereum and could break $ 215.00 provided there is no closing below $ 208.00.
Market data is provided by TradingView, Bitfinex.
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