Key Highlights
- ETH price traded higher and broke the $215 and $220 resistance levels against the US Dollar.
- Yesterday’s highlighted key breakout pattern was breached with resistance at $208 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded towards the $223 level and it remains well supported on dips near $216.
Ethereum price is climbing higher against the US Dollar and bitcoin. ETH/USD broke the important $215 resistance to move further into a bullish zone.
Ethereum Price Analysis
Recently, there was a minor downside correction from the $216 swing high in ETH price against the US Dollar. The ETH/USD pair traded lower and tested the $205-206 support area, which prevented declines. A base was formed and the price started a fresh upward move. There was a decent bounce and the price broke the $212 and $215 resistance level. The move was such that the price traded to a new weekly high above $220 and it is currently well above the 100 hourly simple moving average.
During the upside, yesterday’s highlighted key breakout pattern was breached with resistance at $208 on the hourly chart of ETH/USD. The price traded as high as $223 and it is currently retreating a few points. An initial support is the 23.6% Fib retracement level of the recent leg from the $206 low to $223 high. There is also a connecting bullish trend line in place with support at $216 on the same chart. If there is an extended correction, the price may test $214 or the 50% Fib retracement level of the recent leg from the $206 low to $223 high.
Looking at the chart, ETH price is trading with a lot of strength and it seems like dips near $216 or $215 remains well supported. On the upside, buyers could target the $230 level in the short term.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is now near the overbought levels.
Major Support Level – $215
Major Resistance Level – $230
