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Key points
- The price of ETH is slowly recovering, but there are many upside hurdles close to $ 224-225 compared to the US dollar.
- There is a short-term uptrend channel with support for $ 214 on the ETH / USD time chart (data feed via Kraken).
- The pair must stay above $ 213 and $ 210 to further recover towards the $ 224 level.
The price of Ethereum is struggling to gain traction against the US dollar and bitcoin. The ETH / USD is likely to make a strong selling interest close to the $ 224 level.
Price analysis of Ethereum
Recently, we saw a decent buying interest near the $ 204 level in the ETH price compared to the US dollar. The pair ETH / USD started an upward recovery and moved above the $ 210 level. There was also a break above the 23.6% fiber retracement level of the recent slip from the low of $ 245 at the minimum of $ 204. However, the upward move was limited by the $ 222-224 zone and the 100-hour simple moving average.
The price is currently under pressure below $ 224 and the SMA at 100 hours, and is testing the previous resistance at $ 213. It is also a short-term uptrend channel with support for $ 214 on the hourly chart. ; Eth / USD. As long as the pair is above channel support, there may be more gains above the $ 220 level. However, the $ 224 level represents significant resistance. It coincides with the fiber retracement level of 50% of the recent slid from the minimum of $ 245 to the minimum of $ 204. Above the $ 224 level, there is a bearish trend line in place with resistance to $ 232 on the same chart.
Looking at the chart, the ETH price is clearly struggling to gain bullish momentum above $ 220 and 100 SMA. On the downside, a break below the channel support could push the price towards $ 204.
MACD time – The MACD is slightly positioned in the bearish zone.
RSI timetable – The RSI is currently positioned with a flat structure above level 50.
Main support level: $ 213
Main resistance level: $ 224
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