- ETH selling price struggled to break the $208-209 resistance spot and it largely consolidated against the US Greenback.
- There is a significant bullish trend line fashioned with support at $205 on the hourly chart of ETH/USD (data feed by way of Kraken).
- The pair may accurate a several details in the direction of $202 or $200 right before it climbs again higher.
Ethereum selling price is slowly but surely losing grip against the US Greenback and bitcoin. ETH/USD should break the $208 and $209 resistance stages to get traction.
Ethereum Price Assessment
In the course of the earlier a few classes, there was a steady rise above the $205 level in ETH selling price against the US Greenback. The ETH/USD pair even traded above $207 level, but it struggled to clear the $208-209 resistance zone. There were two rejections noted beneath the $210 level and it seems like purchasers are losing momentum. In the course of the latest rise, the selling price climbed above the 23.6% Fib retracement level of the latest decrease from the $220 high to $197 low.
On the draw back, there is a first rate support fashioned around $202. There is also a significant bullish trend line fashioned with support at $205 on the hourly chart of ETH/USD. If there is a break beneath the trend line, the selling price may exam the $202 support and the 100 hourly SMA. Below this, the upcoming crucial support for purchasers is close to the $197-198 zone. On the upside, the selling price has to break the $208-209 resistance. Also, the 50% Fib retracement level of the latest decrease from the $220 high to $197 low is also close to $208.78 to avoid gains.
Looking at the chart, ETH selling price could accurate lower in the direction of $202 or $197 in the close to phrase. When a correction wave is finish, there could be an upward shift in the direction of the $208 or $212 level.
Hourly MACD – The MACD is at present flat in the bearish zone.
Hourly RSI – The RSI is moving flat, but it is at present nicely above the 50 level.
Main Assistance Level – $197
Main Resistance Level – $208