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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Analysis: ETH/USD Facing Significant Resistance at $207

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis ethereum

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Created by industry experts and meticulously reviewed
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Key Highlights

  • ETH price recovered recently, but it failed to move past $206-207 against the US Dollar.
  • There is a key bullish trend line in place with support at $201 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $200-201 support zone to climb higher in the near term.

Ethereum price is struggling to gain traction against the US Dollar and bitcoin. ETH/USD remains at a risk of more losses below the $201 support.

Ethereum Price Analysis

Recently, ETH price started a decent upside recovery from the $196 swing low against the US Dollar. The ETH/USD pair traded above the $200 and $205 resistance levels. There was also a close above the $202 level and the 100 hourly simple moving average. However, the price faced a solid resistance near the $206 and $207 resistance levels. A high was formed at $206.38 and later the price moved down.

It declined below the $205 level and the 50% Fib retracement level of the last upside from the $198 low to $206 high. However, the downside move was protected by the $200-201 support zone. There is also a key bullish trend line in place with support at $201 on the hourly chart of ETH/USD. Besides, the 61.8% Fib retracement level of the last upside from the $198 low to $206 high is at $201.50. Therefore, the $200-201 support area holds a lot of importance in the near term. As long as the price is above $200, it could bounce back.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price seems to be facing a tough resistance near the $206-207 zone. A proper break above the stated zone is needed for an acceleration above the $210 level. On the other hand, a break below $201 may push the price back towards $196.

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $201

Major Resistance Level – $207

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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