- The ETH price rose higher and broke a key resistance near $ 210 against the US dollar.
- This week followed an important downtrend line was breached close to $ 209 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair traded towards the $ 230 level and currently corrects the lowest level in the short term.
The price of Ethereum is positioned for further gains against the US dollar and bitcoin. The ETH / USD could correct lower, but remains unchanged at $ 416 and $ 412.
Ethereum Price Analysis
Recently, a consolidation phase has occurred under the resistance of $ 212 and $ 216 for the ETH price compared to the US dollar. The ETH / USD pair formed a decent support base near the $ 207 level and then started an upward move. It broke a lot of resistance during the rise as $ 210, $ 212 and $ 216. The price also stabilized above the $ 210 level and the simple 100-hour moving average.
More importantly, this important bearish trend line followed this week was opened close to $ 209 on the hourly chart of Eth / USD. The pair even broke the resistance of $ 220 and traded towards the $ 230 level. A new intraday high was formed at $ 229.88 before the price started a downward correction. At present, the price is treading near the $ 220 level. It is close to the Fib retracement level of 23.6% of the last wave from the low of $ 197 to $ 229 high. If there is a downward extension, the price could test the previous resistance close to $ 216. It is above the 50% Fiber retracement level of the last wave from the low of $ 197 at $ 229.
Looking at the chart, the ETH price trade with a bullish trend above the $ 216 level. Any correction from the Current levels find support near $ 216 and $ 213. On the upside, a break above the $ 228 and $ 230 resistance could push the price towards $ 240.
MACD Schedule – The MACD stands gaining strength in the bullish zone.
RSI Schedule – The RSI is well above the 60 level.
Main Support Level – $ 216
Main Resistance Level – $ 228