- The price of the ETH has recovered well and put an important resistance to the test near the level of $ 198.50 against the US dollar.
- The main downtrend line highlighted yesterday is intact with resistance to $ 197 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair has to break resistance levels $ 197 and $ 198 to trade even higher in the short term.
The price of Ethereum has recovered some points compared to the US dollar and bitcoin. However, ETH / USD faced a strong resistance zone near the $ 198 level.
Price analysis of Ethereum
Recently, the ETH price has fallen dramatically from the resistance of $ 197 against the US dollar. The ETH / USD pair refused and retested the last low swing near the $ 1952 level. Buyers appeared, protected further losses and eventually pushed the price above the $ 195 level. rebounded sharply and also surpassed the $ 197 level. In addition, there was a break above the Fibra 50% retracement level of the recent decline from $ 203 high to $ 191 low.
However, the price failed near a crucial resistance at $ 198. More importantly, the main downtrend line highlighted yesterday is intact with the current resistance at $ 197 on the hourly chart of Eth / USD. In addition, the 61.8% retracement level of Fibra's recent decline from the low of $ 203 to $ 191 has acted as a strong resistance. The price is currently trading just below the $ 197 level, the trend line and the 100-hour simple moving average. An adequate break above the trend line, $ 197 and $ 198 is required for further gains in the short term. Otherwise, the price could be reduced to $ 195 or $ 194.
Looking at the chart, the ETH price recovered well from the $ 192 area. That said, he came across the key resistance near $ 197-198. Therefore, as long as the price is less than $ 198, it could decrease again.
MACD time – The MACD is about to return to the bearish zone.
RSI timetable – The RSI is currently above level 50.
Main support level: $ 192
Main resistance level: $ 198