- ETH price remained in a tiny range above $195 against the US Dollar with no major sign of an upside break.
- Yesterday’s short-term contracting triangle pattern with current resistance at $202 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
- On the upside, the 100 hourly simple moving average at $208 might act as a major hurdle.
Ethereum price is trading in a range against the US Dollar and Bitcoin, and now ETH/USD is facing a crucial upside barrier near $208.
Ethereum Price Resistance
There was almost no action in ETH price as it continued to trade in a range below $205-201 against the US Dollar. The price after trading as low as $190.30 started correcting higher. However, there was no major bullish momentum and the price mostly consolidated near $200.00. Yesterday’s short-term contracting triangle pattern with current resistance at $202 on the hourly chart of ETH/USD is playing well. There was a move above the 23.6% Fib retracement level of the last decline from the $236.16 high to $190.30 low.
However, ETH buyers failed to gain momentum above $205-210. There is a major bearish trend line forming on the same chart near $211. The 100 hourly simple moving average is also positioned near $208. Moreover, the 38.2% Fib retracement level of the last decline from the $236.16 high to $190.30 low is at $207.80. All in all, there are a series of resistances on the upside starting with $202 up to $211. Only a convincing break above 100 hourly simple moving average at $208 could lead for more gains.
On the downside, the triangle support is at $198.00. A break below it or $190.30 would ignite further bearish pressures in the near term.
Hourly MACD – The MACD is mostly flat in the bullish zone.
Hourly RSI – The RSI is above the 50 level, but struggling to gain momentum.
Major Support Level – $198
Major Resistance Level – $208
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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