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Key points
- The ETH price tested the support area of $ 205 and subsequently recovered against the US dollar.
- There is a major breakout model formed with resistance to $ 209 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is likely to exceed the rise above the resistance levels $ 209 and $ 210.
The price of Ethereum holds key supports against the US dollar and bitcoin. The ETH / USD could resume its upward move once there is a break above $ 209-210.
Price analysis of Ethereum
Recently, the ETH price began a downward correction after reaching the weekly high at $ 218.63 compared to the US dollar. The ETH / USD pair declined and traded below support levels $ 215.00 and $ 210.00. There was even a peak below the fiber retracement level of 61.8% in the last wave, from the low of $ 200 to a maximum of $ 218. However, the price remained above the support of $ 205.00 and a simple 100-hour moving average.
At the moment, the price is trading above the $ 208 level and it seems that it is preparing for further gains. More importantly, there is a major breakout model formed with resistance to $ 209 on the ETH / USD time chart. It is likely that the pair will reset the resistance of the triangle and then $ 210 for a new upward move. In the case cited, the price could be traded higher towards the $ 215.00 or $ 218.00 level. On the other hand, if there is a bearish break, the price could retest $ 205.00. Furthermore, the Fib retracement level 76.4% of the last wave from $ 200 low swing to $ 218 high is a decent support at $ 204.
Looking at the chart, the ETH price is well positioned in a bullish trend above $ 205. Therefore, there are high chances for a fresh uptrend above the $ 210.00 and $ 215.00 levels in the short term.
MACD time – The MACD is about to return to the bullish zone.
RSI timetable – The RSI is moving higher and is currently well above level 50.
Main support level: $ 205
Main resistance level: $ 210
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