Key Highlights
- ETH price struggled to break the $208-209 resistance area and it mostly consolidated against the US Dollar.
- There is a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may correct a few points towards $202 or $200 before it climbs back higher.
Ethereum price is slowly losing grip against the US Dollar and bitcoin. ETH/USD must break the $208 and $209 resistance levels to gain traction.
Ethereum Price Analysis
During the past three sessions, there was a steady rise above the $205 level in ETH price against the US Dollar. The ETH/USD pair even traded above $207 level, but it struggled to clear the $208-209 resistance zone. There were two rejections noted below the $210 level and it seems like buyers are losing momentum. During the recent rise, the price climbed above the 23.6% Fib retracement level of the recent decline from the $220 high to $197 low.
On the downside, there is a decent support formed around $202. There is also a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD. If there is a break below the trend line, the price may test the $202 support and the 100 hourly SMA. Below this, the next key support for buyers is near the $197-198 zone. On the upside, the price has to break the $208-209 resistance. Moreover, the 50% Fib retracement level of the recent decline from the $220 high to $197 low is also near $208.78 to prevent gains.
Looking at the chart, ETH price could correct lower towards $202 or $197 in the near term. Once a correction wave is complete, there could be an upward move towards the $208 or $212 level.
Hourly MACD – The MACD is currently flat in the bearish zone.
Hourly RSI – The RSI is moving flat, but it is currently well above the 50 level.
Major Support Level – $197
Major Resistance Level – $208
