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Key points
- The ETH price traded higher and broke the $ 215 and $ 220 resistance against the US dollar.
- The key breakout pattern highlighted yesterday was exceeded with a resistance to $ 208 on the hourly table of ETH / USD (data feed via Kraken).
- The pair traded to the $ 223 level and remain well supported on dips near $ 216.
The price of Ethereum rises higher than the US dollar and bitcoin. The ETH / USD broke the major resistance of $ 215 to move further into a bullish zone.
Price analysis of Ethereum
Recently, there has been a slight downward correction from the $ 216 swing of the ETH price compared to the US dollar. The ETH / USD pair traded lower and tested the support area of $ 205-206, which prevented the decline. A base formed and the price started a new upward move. There was a decent rebound and the price broke the resistance level $ 212 and $ 215. The move was such that the price was traded at a new weekly high above $ 220 and is currently well beyond above the simple 100-hour moving average.
During the upside, the key breakout pattern highlighted yesterday was surpassed with resistance at $ 208 on the hourly chart of Eth / USD. The price has been trading at $ 223 and is currently picking up some points. An initial support is the Fib retracement level of 23.6% of the recent leg from the low of $ 206 to $ 223 high. There is also an uptrend line in connection with support for $ 216 on the same chart. If there is an extended correction, the price could test $ 214 or the Fib 50% retracement level of the recent leg from the low of $ 206 to $ 223 high.
Looking at the chart, the ETH price is negotiated very strongly and it seems that dives near $ 216 or $ 215 are well supported. On the upside, buyers could reach the $ 230 level in the short term.
MACD time – The MACD is positioned well in the bullish zone.
RSI timetable – The RSI is now close to overbought levels.
Main support level: $ 215
Main resistance level: $ 230
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