Price analysis of Ethereum: ETH / USD triggered for further gains


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.

ETH Price Analysis Chart of Ethereum

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 timeThe MACD is about to return to the bullish zone.

RSI timetableThe RSI is moving higher and is currently well above level 50.

Main support level: $ 205

Main resistance level: $ 210

Source link