Key Highlights
- ETH price recovered recently, but it failed to move past $206-207 against the US Dollar.
- There is a key bullish trend line in place with support at $201 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $200-201 support zone to climb higher in the near term.
Ethereum price is struggling to gain traction against the US Dollar and bitcoin. ETH/USD remains at a risk of more losses below the $201 support.
Ethereum Price Analysis
Recently, ETH price started a decent upside recovery from the $196 swing low against the US Dollar. The ETH/USD pair traded above the $200 and $205 resistance levels. There was also a close above the $202 level and the 100 hourly simple moving average. However, the price faced a solid resistance near the $206 and $207 resistance levels. A high was formed at $206.38 and later the price moved down.
It declined below the $205 level and the 50% Fib retracement level of the last upside from the $198 low to $206 high. However, the downside move was protected by the $200-201 support zone. There is also a key bullish trend line in place with support at $201 on the hourly chart of ETH/USD. Besides, the 61.8% Fib retracement level of the last upside from the $198 low to $206 high is at $201.50. Therefore, the $200-201 support area holds a lot of importance in the near term. As long as the price is above $200, it could bounce back.
Looking at the chart, ETH price seems to be facing a tough resistance near the $206-207 zone. A proper break above the stated zone is needed for an acceleration above the $210 level. On the other hand, a break below $201 may push the price back towards $196.
Hourly MACD – The MACD is slightly placed in the bearish zone.
Hourly RSI – The RSI is currently below the 50 level.
Major Support Level – $201
Major Resistance Level – $207
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