Key Highlights
- ETH price tested the $205 support area and recovered later against the US Dollar.
- There is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to break to the upside above the $209 and $210 resistance levels.
Ethereum price is holding key supports against the US Dollar and bitcoin. ETH/USD could resume its upside move once there is a break above $209-210.
Ethereum Price Analysis
Recently, ETH price started a downside correction after trading to the weekly high at $218.63 against the US Dollar. The ETH/USD pair declined and traded below the $215.00 and $210.00 support levels. There was even a spike below the 61.8% Fib retracement level of the last wave from the $200 swing low to $218 high. However, the price stayed above the $205.00 support and the 100 hourly simple moving average.
At the moment, the price is trading above the $208 level and it seems like it is preparing for more gains. More importantly, there is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD. The pair is likely to clear the triangle resistance and then $210 for a fresh upside move. In the mentioned case, the price may well trade higher towards the $215.00 or $218.00 level. On the other hand, if there is a downside break, the price could retest $205.00. Besides, the 76.4% Fib retracement level of the last wave from the $200 swing low to $218 high is a decent support at $204.
Looking at the chart, ETH price is placed nicely in an uptrend above $205. Therefore, there are high possibilities of a fresh bullish bias above the $210.00 and $215.00 levels in the near term.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI is moving higher and it currently well above the 50 level.
Major Support Level – $205
Major Resistance Level – $210
