Ethereum Price Technical Analysis – ETH/USD Gaining Pace
- 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
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