Ethereum Price Analysis: ETH/USD Bullish Above $214

Key Highlights

  • 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 MACDThe MACD is placed nicely in the bullish zone.

Hourly RSIThe RSI is currently well above the 50 level.

Major Support Level – $206

Major Resistance Level – $214

Author: Aayush Jindal

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