Key Highlights
- ETH price surged higher and broke a key resistance near $210 against the US Dollar.
- This week’s followed important bearish trend line was breached near $209 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded towards the $230 level and it is currently correcting lower in the near term.
Ethereum price is positioned for more gains against the US Dollar and bitcoin. ETH/USD could correct lower, but dips towards $416 and $412 remains supported.
Ethereum Price Analysis
Recently, there was a consolidation phase formed below the $212 and $216 resistances for ETH price against the US Dollar. The ETH/USD pair formed a decent support base near the $207 level and later started an upside move. It broke many resistances during the rise such as $210, $212 and $216. The price also settled above the $210 level and the 100 hourly simple moving average.
More importantly, this week’s followed important bearish trend line was breached near $209 on the hourly chart of ETH/USD. The pair even broke the $220 resistance and traded towards the $230 level. A new intraday high was formed at $229.88 before the price started a downside correction. At present, the price is treading near the $220 level. It is close to the 23.6% Fib retracement level of the last wave from the $197 low to $229 high. If there is a downside extension, the price could test the previous resistance near $216. It is above the 50% Fib retracement level of the last wave from the $197 low to $229 high.
Looking at the chart, ETH price trading with a bullish bias above the $216 level. Any correction from the current levels is likely to find support near $216 and $213. On the upside, a break above the $228 and $230 resistance could push the price towards $240.
Hourly MACD – The MACD is gaining strength in the bullish zone.
Hourly RSI – The RSI is well above the 60 level.
Major Support Level – $216
Major Resistance Level – $228
