- ETH price completed its downside correction near the $202 support area against the US Dollar.
- The price bounced back and climbed to a new monthly high above the $220 level.
- There is a new major bullish trend line forming with support near $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting gains, but it remains supported near the $215 and $210 levels.
Ethereum price is back in a positive zone versus the US Dollar and bitcoin. ETH price is showing positive signs and it might continue to rise above the $225 level.
Ethereum Price Analysis
Yesterday, ETH price corrected lower below the $212 and $210 supports against the US Dollar. Moreover, there was a break below the $205 support area. However, the $202 and $200 levels acted as strong supports. A swing low was formed near $202 and the price started a fresh increase. It surged above the $210 and $215 resistance levels to move back into a positive zone.
More importantly, there was a break above a connecting bearish trend line with resistance near $208 on the hourly chart of the ETH/USD pair. It opened the doors for more gains above the $220 level. Finally, the price traded to a new monthly high at $225. Recently, Ethereum started a downside correction and traded below the $220 level. It even broke the 23.6% Fib retracement level of the recent wave from the $202 low to $225 high.
However, there are many supports on the downside near the $215 and $212 levels. Additionally, the 50% Fib retracement level of the recent wave from the $202 low to $225 high is also near the $213 level. There is also a new major bullish trend line forming with support near $210 on the same chart. More importantly, the 100 hourly simple moving average is also close to the trend line and $208.
Therefore, dips towards the $212 and $210 levels could find a strong buying interest in the near term. On the upside, an immediate resistance is near the $225 level. If there is an upside break above $225, the price could rally further towards the $240 resistance area.
Looking at the chart, Ethereum price is back in a positive zone above the $210 and $212 levels. As long as there is no close below the $210 support and the 100 hourly SMA, there are chances of another increase towards the $240 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $210
Major Resistance Level – $225
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