Key Highlights
- ETH price traded higher recently and tested the $203-204 resistance zone against the US Dollar.
- There is a major bearish trend line in place with resistance at $203 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could break the $203 and $204 resistance levels to climb higher in the near term.
Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD must clear the $204 level to move further higher in the near term.
Ethereum Price Analysis
During the past few hours, there was a slow and steady rise from the $199 swing low in ETH price against the US Dollar. The ETH/USD pair traded above the $200 level and the 100 hourly simple moving average. As a result, there were further gains and the price traded towards the $203 and $204 resistance levels. Sellers emerged and protected more gains above the $204 level.
More importantly, there is a major bearish trend line in place with resistance at $203 on the hourly chart of ETH/USD. The trend line is currently acting as a solid resistance near the $203.-204 zone. The price is currently consolidating near the 23.6% Fib retracement level of the recent wave from the $199 low to $203 high, but it could correct lower below $202. An initial support is near the $201 level and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent wave from the $199 low to $203 high. Buying dips in the short term towards the $201 and $200 levels can be considered. The stop in the mentioned case should be below the $199 level.
Looking at the chart, ETH price is showing positive signs above the $200 level and the 100 hourly. However, it must break the $204 level to set the pace for more gains.
Hourly MACD – The MACD is slightly in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $199
Major Resistance Level – $204
