Analysis Technical

Ethereum Price Analysis: ETH/USD Sets Eyes On $210-215

Aayush Jindal | September 11, 2018 | 6:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Sets Eyes On $210-215

Aayush Jindal | September 11, 2018 | 6:00 am

Key Highlights

  • ETH price is slowly recovering and is likely forming a support near $185 against the US Dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $193 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to slowly move higher towards the $208 and $210 resistance levels in the near term.

Ethereum price is trading with range moves against the US Dollar and bitcoin. ETH/USD could test the $210-215 resistance zone where sellers are likely to emerge.

Ethereum Price Support

Yesterday, there was a minor upside move from the $185 low in ETH price against the US Dollar. The ETH/USD pair traded above the $195 and $200 resistance levels to enter a consolidation phase. The price also managed to move past the 50% Fib retracement level of the last decline from the $219 high to $185 low. However, the upside move was capped by the $06-207 zone.

Moreover, it seems like the price failed to gain momentum above the $206.71 technical level. It represents the 61.8% Fib retracement level of the last decline from the $219 high to $185 low. There was a sharp bearish reaction and the price retested the $185 support zone. Buyers appeared, protected more losses, and finally pushed the price higher above $190. More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $193 on the hourly chart of ETH/USD. Therefore, it seems like the price could continue to move higher towards the $208 and $210 resistance levels in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is holding the $185 swing low and it may correct higher. Having said that, buyers need to be very careful as any major upsides are very unlikely above the $210 and $215 levels.

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

Hourly RSI – The RSI has moved above the 50 level, but it showing a few bearish signs.

Major Support Level – $185

Major Resistance Level – $210

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