Weekly analysis of the price of Ethereum: ETH / USD rests in a wide range


Key points

  • The ETH price is currently trading in a broad range above the $ 210 support against the US dollar.
  • C & # 39; is a rising channel formed with support for $ 222 on the 4-hour chart of ETH / USD (data feed via Kraken).
  • The pair could decline in the short term towards support levels of $ 214 and $ 210.

The price of Ethereum is consolidating against the US dollar and Bitcoin. The ETH / USD runs the risk of a slight downward correction towards the support level of $ 214.

Price analysis of Ethereum

Last week, there were mainly changes in the range above the support of $ 210 in the ETH price compared to the US dollar. The ETH / USD pair traded above the $ 220 and $ 224 levels, but failed to keep gains. During the upward move, there was a break above the $ 227 level and the simple moving average of 100 (4 hours). In addition, the price traded above the 50% Fib retracement level of the last decline from the $ 240 high to $ 213 low.

However, the upward move was protected by the $ 229-230 zone. In addition, the 61.8% Fib retracement level of the last drop from the low of $ 240 to $ 213 also acted as resistance. The price is falling slowly and is currently trading below the $ 227 level and the 100 SMA. It is also a rising channel with support for $ 222 on the 4-hour chart of Eth / USD. If there is a downward rupture under channel support, the price may fall to support levels of $ 220 and $ 214.

ETH chart of weekly analysis of the price of Ethereum

The chart above indicates that the price of Eth is clearly struggling to gain a boost of over $ 229-230. If it continues to fail, there could be a downward reaction below $ 214 in the short term. Until then, the price is likely to fall in a range above the support level of $ 214 in the next sessions.

4-hour MACD: the MACD is slightly positioned in the bullish zone.

4-hour RSI – The RSI is currently near level 50.

Main support level: $ 220

Main resistance level: $ 230

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