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Key Features
- The ETH price is trading with a positive bias above the $ 220 level against the US dollar.
- C & # 39; is an uptrend line formed with support for $ 224 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair is currently struggling to break the resistance of $ 252 and is correcting further down.
The price of Ethereum is traded in positive moves against the US dollar and Bitcoin. The ETH / USD may fall by some points, but remains supported above the $ 220.
Price Analysis of Ethereum
Last week there was a slow and steady increase from the minimum of $ 190 at the ETH price compared to the US dollar. The pair ETH / USD traded higher and broke resistance levels $ 200, $ 210 and $ 240. There was also a close above the $ 220 level and the simple moving average of 100 (4 hours). The price is traded up to $ 255 and currently corrects lower towards the $ 220 level.
It violated the Fib retracement level of 23.6% from the last leg from the low of $ 197 to $ 255 high. However, there is strong support near the $ 226 level and 100-hour SMA. More importantly, there is an uptrend line formed with support for $ 224 on the 4-hour ETH / USD chart. In addition, the 50% Fibra retracement level of the last stage from the low of $ 197 to $ 255 is close to $ 226. Therefore, if the price falls from current levels, it could find support near the $ 226 levels and $ 224. Below these, the price may perhaps fall back to the $ 200-203 support area.
The chart above indicates that the ETH price is placed well above $ 220. However, there is also a strong area Resistance close to the $ 270 level. Buyers must clear $ 255 and $ 270 to set the pace for further gains towards the $ 300 level in the short term.
4-hour MACD – The MACD is slightly positioned in the bearish zone.
4-hour RSI – The RSI is currently well below the 50 level.
Main Support Level – $ 224
Main Strength Level – $ 270
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