- The ETH price started a short-term upward correction and moved above $ 196 against the US dollar.
- There is a key linking the downtrend line formed with resistance to $ 198 on the hourly table of ETH / USD (data feed via Kraken).
- The pair recently tested the previous support at $ 198, which acted as a solid resistance.
The price of Ethereum is slowly recovering from the US dollar and bitcoin. However, the ETH / USD is likely to face many hurdles close to $ 198 and 100 SMA per hour.
Price analysis of Ethereum
Yesterday, there was a sharp downward movement under the support of $ 198 in the ETH price compared to the US dollar. The ETH / USD pair fell below the $ 195 level and translated to the $ 190 level. It traded at $ 190.91 below the 100-hour simple moving average. Subsequently, the price started an upward correction and exceeded the levels of $ 194 and $ 195.
The buyers also pushed the price above the Fib retracement level to 23.6% of the last drop, from the low of $ 204 fluctuating to $ 190 fluctuating low. The price has also moved above the $ 196 level, but it has had to face a strong resistance near the $ 198 level. The declared level of $ 198 has been a support previously and now acts as a resistance together with the moving average. 100 hours. Furthermore, the 50% fiber retracement level of the last drop from the $ 204 high swing to $ 190 low swing is also close to the $ 198 level. More importantly, there is a key that connects the line bearish trend formed with resistance to $ 198 on the hourly chart of Eth / USD.
Looking at the chart, the ETH price is facing a difficult challenge near the $ 198 and $ 199 levels. As long as the price is below these resistances, it could resume its decline below $ 196. On the downside, the $ 190 level is a solid support followed by the $ 185 level.
MACD time – The MACD is currently positioned in the bullish zone.
RSI timetable – The RSI is back above level 50.
Main support level: $ 190
Main resistance level: $ 198