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Key points
- The ETH price is facing strong resistance near the previous support at $ 224-225 compared to the US dollar.
- There is a declining channel in place with resistance to $ 223 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair has to break resistance levels $ 223 and $ 224 to gain traction in the short term.
The price of Ethereum consolidates mainly against the US dollar and bitcoin. The ETH / USD may decline again if there is a close above the resistance of $ 224-225.
Price analysis of Ethereum
Yesterday, there was a fair recovery above the $ 220 level in the ETH price compared to the US dollar. The ETH / USD pair also moved above the fiber retracement level of 23.6% from the last fall, from a swing height of $ 240 to a minimum of $ 214. However , the upside move has faced strong resistance near the previous support at $ 224-225. The price failed to exceed the resistance of $ 224 and is currently moving south.
It is now trading below the Fibra retracement level of 23.6% of the recent upward movement from the low of $ 214 to a maximum of $ 225. More importantly, it seems that the 100-hour moving average is a solid obstacle close to for $ 223.50. There is also a declining channel with resistance to $ 223 on the hourly chart of Eth / USD. Therefore, the price must break resistance levels of $ 223 and $ 224 to trade further higher. The next key resistance to the upper side is close to $ 234, which is the previous high swing. On the downside, the 61.8% retracement level of Fib recently up from $ 214 down to $ 225 up to $ 218 is immediate support.
Looking at the chart, the ETH price is clearly struggling to overcome the resistance of $ 224. If sellers push the price below the $ 218 support, there may be a downward slide to the levels of $ 214 and $ 212.
MACD time – The MACD is slightly positioned in the bearish zone.
RSI timetable – The RSI is currently below level 50.
Main support level: $ 218
Main resistance level: $ 224
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