Ethereum Price Analysis: ETH/USD Under Pressure Below $210

Key Highlights

  • ETH worth struggled to interrupt the $208-209 resistance space and it largely consolidated towards the US Greenback.
  • There’s a main bullish development line shaped with assist at $205 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair might right a number of factors in direction of $202 or $200 earlier than it climbs again greater.

Ethereum worth is slowly dropping grip towards the US Greenback and bitcoin. ETH/USD should break the $208 and $209 resistance ranges to achieve traction.

Ethereum Price Evaluation

Through the previous three classes, there was a gentle rise above the $205 stage in ETH worth towards the US Greenback. The ETH/USD pair even traded above $207 stage, but it surely struggled to clear the $208-209 resistance zone. There have been two rejections famous under the $210 stage and it looks like patrons are dropping momentum. Through the current rise, the value climbed above the 23.6% Fib retracement stage of the current decline from the $220 excessive to $197 low.

On the draw back, there’s a first rate assist shaped round $202. There may be additionally a significant bullish development line shaped with assist at $205 on the hourly chart of ETH/USD. If there’s a break under the development line, the value might check the $202 assist and the 100 hourly SMA. Below this, the subsequent key assist for patrons is close to the $197-198 zone. On the upside, the value has to interrupt the $208-209 resistance. Furthermore, the 50% Fib retracement stage of the current decline from the $220 excessive to $197 low can be close to $208.78 to forestall good points.

Trying on the chart, ETH worth might right decrease in direction of $202 or $197 within the close to time period. As soon as a correction wave is full, there might be an upward transfer in direction of the $208 or $212 stage.

Hourly MACDThe MACD is at the moment flat within the bearish zone.

Hourly RSIThe RSI is shifting flat, however it’s at the moment nicely above the 50 stage.

Main Help Degree – $197

Main Resistance Degree – $208

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