- 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
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