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Key points
- The price of ETH was significantly lowered after exceeding the $ 222 level against the US dollar.
- C & # 39; is a key trusting trend line in place with support for $ 208 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair is likely to move higher as long as it exceeds support levels $ 208 and $ 206.
The price of Ethereum is consolidating recent losses against the US dollar and Bitcoin. The ETH / USD could perhaps rise higher than $ 220 if it remains above the $ 206 support.
Price analysis of Ethereum
Last week, we saw a solid bullish wave above the $ 202 and $ 210 resistance of the ETH price against the US dollar. The ETH / USD pair gained above the $ 220 level and positioned above the simple moving average at 100 (4 hours). The pair traded up to $ 223 and subsequently started a downward correction. It fell below the $ 220 and $ 210 support levels, but buyers appeared near the $ 206 support.
More importantly, there is a key trusting trend line in place with support for $ 208 on the 4-hour ETH / USD chart. The support of the trend line, $ 206 and the simple moving average at 100 (4 hours) are very important. The price is currently consolidating above the $ 206 and has recently moved above the resistance of $ 210. There was a break above the Fib retracement level of 23.6% from the recent decline from the $ minimum. 223 at the minimum of $ 206. In addition, there was a push above the Fib retracement level of 23.6% from the recent decline from $ 223 to $ 206 low. However, buyers have struggled to gain momentum above the resistance $ 212-214.
The chart above indicates that the ETH price is currently trading well above the support of $ 206 and 100 SMA. As long as there is a closing below $ 206, the price may rebound above $ 215 and $ 220.
4-hour MACD: MACD is about to enter the bullish zone.
4-hour RSI – The RSI is currently flat near level 50.
Main support level: $ 206
Main resistance level: $ 220
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