- ETH price found a strong support near the $206 level and recovered against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at $209 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently moving higher towards the $212 and $214 resistance levels in the near term.
Ethereum price is trading in a range against the US Dollar and bitcoin. ETH/USD must move above the $214 resistance to start a solid upward move.
Ethereum Price Analysis
There were a few bearish moves below the $215 and $210 levels in ETH price against the US Dollar. The ETH/USD pair tested the $206 support level on two occasions. However, buyers were successful in defending declines below the $206 support. The price formed a low at $205 and it recently recovered above the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the recent decline from the $214 swing high to $205 swing low.
More importantly, there was a break above a connecting bearish trend line with resistance at $209 on the hourly chart of ETH/USD. The pair is now approaching the $212 resistance and another bearish trend line on the same chart. An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $214 swing high to $205 swing low. If there is a break above the trend line, there is a chance that the price could surpass the $214 swing high. A successful close above the $214 resistance is needed for a decent recovery in the near term.
Looking at the chart, ETH price is trading nicely above the $206 support area. Having said that, buyers need to take control above $212 and $214 for further upsides in the coming sessions.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $206
Major Resistance Level – $214
Author: Aayush Jindal