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Price Analysis of Ethereum: ETH / USD Consolidation above $ 200



Key Points

  • The ETH price recovered nicely and moved above the $ 210 level against the US dollar.
  • C & # 39; is a bearish trend line in place with resistance to $ 216 on the hourly chart of the Eth / USD (data feed via Kraken).
  • The pair must break resistance levels of $ 216 and $ 220 to move further higher in the short term.

The price of Ethereum is consolidating mainly against the US dollar and bitcoin. ETH / USD should decrease by some points to $ 205 before rising higher

Support for the price of Ethereum

After an important downward correction towards the level of $ 190, the ETH price he found support against the US dollar. The ETH / USD pair traded at $ 192 and then started an upward move. It rose sharply above the $ 195 and $ 200 resistance levels. There was also a break above the 50% Fibra retracement level of the recent decline from the low of $ 228 to $ 192 minimum swing.

The price also stabilized above the $ 205 level and the 100-hour moving average. However, the upward move was limited by the $ 214-215 zone. The 61.8% retracement level of Fibra's recent decline from the low of $ 228 to $ 192 also hindered. In addition, there is a bearish trend line in place with resistance to $ 216 on the hourly chart of Eth / USD. The pair needs to break the trend line and the $ 218 level to trade further up. The current price action indicates that the price could correct some points lower before it could rise above $ 216.

 Price Analysis of Ethereum ETH USD

Looking at the chart, the ETH price could lower some points towards support levels $ 206 and $ 205. Below these, the price could even test the $ 200 zone before returning above the $ 216 level. Over $ 216, the price may perhaps break $ 220 for further disadvantages.

MACD time – The MACD is positioned slightly in the bullish zone.

RSI timetable – The RSI is currently positioned well above level 50.

Major Support Level – $ 205

Major Resistance Level – $ 216


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