- ETH price lacked bullish momentum and was seen trading in a range around $200-205 against the US Dollar.
- There is a short-term contracting triangle pattern with resistance at $203 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the downside, the triangle support at $195 holds a lot of value in the near term.
Ethereum price is trading with a neutral bias against the US Dollar and Bitcoin. Now, ETH/USD has to gain bullish momentum above $205 for more gains.
Ethereum Price Range Pattern
Recently, there was a decline in ETH price below the $205-200 support against the US Dollar. The price traded as low as $190.20 before starting a correction. During the correction wave, it moved above the 23.6% Fib retracement level of the last decline from the $225.98 high to $190.20 low. It gained pace, but the upside move was protected by the $208-210 resistance.
The $208 resistance is also the 50% Fib retracement level of the last decline from the $225.98 high to $190.20 low. There was a rejection around the $208 level and the price started trading in a range. There is a short-term contracting triangle pattern with resistance at $203 forming on the hourly chart of ETH/USD. The triangle resistance at $203-205 must be cleared if ETH has to gain momentum in the near term. Above $208, the next hurdle is around another bearish trend line at $212 along with the 100 hourly simple moving average.
On the downside, the triangle support at $195 holds a lot of value in the near term. As long as the price is above $190, there is a chance of a move towards $212-215 in the near term.
Hourly MACD – The MACD is slowly reducing the bearish slope.
Hourly RSI – The RSI is currently just above the 50 level.
Major Support Level – $190
Major Resistance Level – $205
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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