Ethereum Price Technical Analysis – ETH/USD Holding 100 SMA

Key Highlights

  • There was a minor decline in ETH price, but it managed to hold the $200 support against the US Dollar.
  • There is a connecting bearish trend line with resistance at $221 forming on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The pair remains well positioned above the $200 support and the 100 hourly simple moving average.

Ethereum price mostly traded in a range intraday against the US Dollar and Bitcoin, and ETH/USD remains well supported above the $200 level.

Ethereum Price Resistance and Support

There was a slight decline in ETH price against the US Dollar below the $210 level. During the decline, there was a break below yesterday’s contracting triangle pattern with support at $210 on the hourly chart. However, the downside move was limited, as the $200 support acted as a strong barrier. The most important point is ETH/USD holding the 100 hourly simple moving average and $200 very well.

It looks like the price is ranging at the moment above the $198-200 support. On the upside, there is a connecting bearish trend line with resistance at $221 forming on the hourly chart. The pair jumped sharply above the 38.2% Fib retracement level of the last decline from the $225 high to $198 low. It appears that the price may soon test the trend line at $221. At the moment, the 61.8% Fib retracement level of the last decline from the $225 high to $198 low is holding the upside move.

Ethereum Price Technical Analysis ETH USD

A break and close above the trend line resistance could ignite a rally above $230. However, it won’t be easy, and I think we may see one more dip back towards $208-210 before there is an attempt to break $230.

Hourly MACD – The MACD is slowly moving back in the bullish zone.

Hourly RSI – The RSI has just moved above the 50 level with a slight upward direction.

Major Support Level – $198

Major Resistance Level – $221

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.

Source: Newsbtc

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