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Key points
- The ETH price reached a short-term high at $ 223 and lowered against the US dollar.
- There is an uptrend line in place with support for $ 216 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair may decline towards the $ 212 or $ 213 support level before buyers emerge again.
The price of Ethereum is slowly correcting the decline against the US dollar and bitcoin. The ETH / USD is likely to find a strong buying interest near the $ 212 zone.
Price analysis of Ethereum
Yesterday we saw a good rise above the resistance of $ 218 in the ETH price compared to the US dollar. The ETH / USD pair traded above the $ 220 level and posted an intraday close to $ 223. Thereafter, it was a downward correction and the price fell below $ 220 and $ 218. In addition, there was a break below the fiber retracement level of 23.6% of the last wave, from a minimum of $ 205 to a maximum of $ 223.
In addition, sellers pushed the price below an uplinked uptrend line with support for $ 218 on the hourly chart of Eth / USD. However, the pair is approaching another important uptrend line, with support for $ 216 on the same chart. If there is a downside break below $ 216, the price could test the $ 212-213 support area. Intermediate support is close to $ 214. It represents the 50% fiber retracement level of the last wave from the minimum of $ 205 to the maximum of $ 223. Therefore, if the price falls, it could find a strong support near at the support level $ 212 or $ 213. On the upside, an initial resistance is close to the $ 219-220 zone, beyond which the price could exceed $ 213.
Looking at the chart, the ETH price is currently correcting lower, but is approaching the key supports above $ 212. Once the current wave is complete, the price will most likely exceed $ 221.
MACD time – The MACD is back in the bearish zone.
RSI timetable – RSI has just moved below level 50.
Main support level: $ 212
Main resistance level: $ 220
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