Key Highlights
- ETH price is trading with a positive bias above the $220 level against the US Dollar.
- There is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is currently struggling to break the $252 resistance and is correcting lower.
Ethereum price is trading with positive moves versus the US Dollar and Bitcoin. ETH/USD could decline a few points, but it remains supported above $220.
Ethereum Price Analysis
This past week, there was a slow and steady rise from the $190 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $200, $210 and $240 resistance levels. There was also a close above the $220 level and the 100 simple moving average (4-hours). The price traded as high as $255 and it is currently correcting lower towards the $220 level.
It has breached the 23.6% Fib retracement level of the last leg from the $197 low to $255 high. However, there is a strong support near the $226 level and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD. Additionally, the 50% Fib retracement level of the last leg from the $197 low to $255 high is near $226. Therefore, if the price dips from the current levels, it could find support near the $226 and $224 levels. Below these, the price may perhaps decline back towards the $200-203 support area.
The above chart indicates that ETH price is placed nicely above $220. However, there is also a strong resistance zone near the $270 level. Buyers need to clear the $255 and $270 levels to set the pace for more gains towards the $300 level in the near term.
4-hours MACD – The MACD is slightly placed in the bearish zone.
4-hours RSI – The RSI is currently well below the 50 level.
Major Support Level – $224
Major Resistance Level – $270
