- The ETH price has recently gained traction and has gathered over $ 212 against the US dollar.
- There are two uptrend lines that connect formed with support for $ 206 and $ 204 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is struggling to stay above the $ 210 level and could test the $ 204 support.
The price of Ethereum is showing positive signs against the US dollar and bitcoin. ETH / USD could correct lower in the short term towards $ 206 or $ 204.
Price analysis of Ethereum
There was a solid base of support formed near $ 198 in the ETH price compared to the US dollar. The pair ETH / USD started an upward move and exceeded $ 205, $ 212 and $ 216 levels. The upward move was strong as there was a close above the $ 205 level and a 100-hour simple moving average. The price traded up to $ 218 and thereafter began a strong downward correction.
It has moved below the fiber retracement level of 50% of the recent wave, rising from $ 198 to $ 218. The recent decline was net, but the price is approaching the $ 204 support area. -206. There are also two bullish trend lines that are formed with support for $ 206 and $ 204 on the hourly chart of Eth / USD. The second trend line approaches the Fib retracement level at 61.8% of the recent wave from the low of $ 198 to $ 218 high. Therefore, if the price continues to decline, you may find solid support near the $ 204-206 zone. Below $ 204, the price could test the $ 200 handle.
Looking at the chart, the ETH price has clearly struggled to stay above $ 210, but is still well supported above $ 204. On the upside, an initial resistance is $ 212, beyond which the price could exceed $ 215. # 39; major obstacle for the current rally is close to the $ 221 level.
MACD time – The MACD is returning to the bearish zone.
RSI timetable – The RSI is currently well above level 50.
Main support level: $ 204
Main resistance level: $ 212