Key Highlights
- ETH price declined further, traded towards the $197 support, and later recovered against the US Dollar.
- There was a break above a key bearish trend line with resistance at $201 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently placed nicely in a positive zone above the $200 support area.
Ethereum price is showing short term recovery signs against the US Dollar and bitcoin. ETH/USD could rise towards the $203 or $206 resistance levels.
Ethereum Price Analysis
There was a downside extension below the $200 support level in ETH price against the US Dollar. The ETH/USD pair declined below the $199 level and the 100 hourly simple moving average. There was a clear break below the 61.8% Fib retracement level of the last leg from the $195 swing low to $206 high. The price traded close to the $196-197 support area where buyers emerged.
As a result, there was a decent recovery and the price climbed above the $200 level. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $206 high to $197 low. Besides, there was a break above a key bearish trend line with resistance at $201 on the hourly chart of ETH/USD. The pair settled above the $200 level and it is currently consolidating near the 100 hourly simple moving average. On the upside, an immediate resistance is near $202. It represents the 50% Fib retracement level of the recent decline from the $206 high to $197 low.
Looking at the chart, ETH price could recover above the $202 and $203 levels in the near term. However, it won’t be easy for buyers to clear the $205-206 zone. On the downside, the main supports are visible near the $200 and $197 levels.
Hourly MACD – The MACD is currently placed in the bullish zone.
Hourly RSI – The RSI is currently well above the 40 level.
Major Support Level – $200
Major Resistance Level – $206
