Key Highlights
- ETH price traded a few points lower and tested the $200 support against the US Dollar.
- There is a crucial bullish trend line in place with support at $202 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $202 support and the 100 hourly simple moving average to stay in a positive zone.
Ethereum price is stuck in a range against the US Dollar and bitcoin. ETH/USD could continue to consolidate before it could retest the $208 and $210 resistances.
Ethereum Price Analysis
Recently, ETH price failed to break the $208 and $210 resistance levels against the US Dollar. The ETH/USD pair slowly moved down and traded below the $205 support. It tested the $200 support level and spiked below the 100 hourly simple moving average. There was also a break below yesterdays highlighted bullish trend line with support at $205. However, the price found a strong support near the $200-202 zone and it is currently consolidating in a tight range.
On the downside, there is a decent support formed near $202 and the 100 hourly simple moving average. There is also a crucial bullish trend line in place with support at $202 on the hourly chart of ETH/USD. If the pair breaks the trend line support and $202, there are chances of more declines below the $200 support. The next important support on the downside is at $194. On the upside, the $208 level is a major hurdle for buyers. It also represents the 23.6% Fib retracement level of the last drop from the $220 swing high to $198 swing low.
Looking at the chart, ETH price is likely to remain in a range near the $202 level and the 100 hourly SMA before buyers push the price higher towards $208 and $210.
Hourly MACD – The MACD is currently neutral in the bullish zone.
Hourly RSI – The RSI is slowly moving higher and it currently near the 50 level.
Major Support Level – $200
Major Resistance Level – $208