Ethereum Price Technical Analysis – ETH/USD Gaining Pace …

Key Highlights

• ETH price managed to move above the $194 resistance against the US Dollar and traded towards $208.
• There was a break above a short-term bearish trend line at $194 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price is currently trading near the last swing high of $208 and attempting an upside break.

Ethereum price is moving higher against the US Dollar and Bitcoin, and now ETH/USD has to clear the $208 high for further upsides.

Ethereum Price Resistance

Yesterday, we saw how there was a recovery started from the $176 swing low in ETH price against the US Dollar. The price later gained momentum and moved above the $194 resistance zone. The upside move was strong as there was even a close above the $200 level. During the upside, there was a break above a short-term bearish trend line at $194 on the hourly chart of ETH/USD. It opened the doors for more gains and the price cleared $200 and the 100 hourly simple moving average.

There was an increase in buying interest and the price was able to retest the last swing high of $208. It is once again preventing gains as of writing. At present, the 23.6% Fib retracement level of the last wave from the $188.32 low to $108.37 high is acting as a support. Below $203, the $200 level may act as a support. The $200 level also represents the 38.2% Fib retracement level of the last wave from the $188.32 low to $108.37 high.

There is also a bullish trend line on the downside near $196 and the 100 hourly simple moving average. So, if the price corrects lower, there are chances of it gaining bids near $200 or $196.

Hourly MACD – The MACD is now in the bullish slope.

Hourly RSI – The RSI has reached the upper zone in the bullish area.

Major Support Level – $200

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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