- ETH price traded further higher and broke the $198 resistance against the US Dollar.
- This week’s followed important bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip a few points, but it is likely to find support near $196 and the 100 hourly SMA.
Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD may perhaps recover further towards the $203 resistance in the near term.
Ethereum Price Analysis
After dipping towards the $191 level, ETH price recovered nicely against the US Dollar. The ETH/USD pair traded higher and broke the $195 and $196 resistance levels. Later, there was a short term correction, but the price stayed above the $195 support. The price formed a decent support base near $195 and later started an upward move. There was even a close above the $196 level and the 100 hourly simple moving average.
More importantly, this week’s followed key bearish trend line was breached with resistance at $197 on the hourly chart of ETH/USD. The pair traded as high as $200 and it is currently consolidating gains. An initial support is the 23.6% Fib retracement level of the last wave from the $191 low to $200 high. However, the most significant support is near the $197 level and the 100 hourly simple moving average. Below the 100 hourly SMA, the 50% Fib retracement level of the last wave from the $191 low to $200 high is the next support. On the upside, an initial resistance is near $199 and $200, above which the price could test $203.
Looking at the chart, ETH price is placed nicely above the $197 support and the 100 hourly SMA. However, it won’t be easy for buyers to clear the $203 resistance.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $197
Major Resistance Level – $203
Author: Aayush Jindal