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technical analysis ethereum

Ethereum Price Analysis: ETH/USD Facing Key Resistance Near $215

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price started a short term upside correction after trading as low as $185 against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $205 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is facing many strong resistances near the $205, $213 and $215 levels.

Ethereum price is slowly correcting higher against the US Dollar and bitcoin. ETH/USD must break the $215 resistance to recover nicely in the near term.

Ethereum Price Resistance

This past week, we saw a major downside break below the $210 support in ETH price against the US Dollar. The ETH/USD pair traded as low as $185 and later started a minor upside correction. It moved higher and broke the $200 resistance. There was also a break above the 23.6% Fib retracement level of the last slide from the $234 high to $185 low.

However, the upside move was capped by the $208 level. More importantly, there is a crucial bearish trend line in place with resistance at $205 on the hourly chart of ETH/USD. The same trend line is acting as a strong resistance near $205-206 and is capping upsides. Above the trend line, the 50% Fib retracement level of the last slide from the $234 high to $185 low is at $210. Above this, there is an important resistance formed near $213-215 zone. The stated $215 zone was a support earlier and now it could act as a resistance. Finally, the 100 hourly simple moving average is positioned near the $216 level.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is clearly facing a lot of hurdles near the $205 and $215 levels. As long as the price is below $215, it remains at a risk of more losses back towards the $185 level in the near term.

Hourly MACD – The MACD is about to move back in the bearish zone.

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

Major Support Level – $185

Major Resistance Level – $215

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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