Ethereum is showing positive signs above the $202 and $200 support levels against the US Dollar. ETH price is likely to accelerate higher towards the $220 and $225 levels in the near term.
- Ethereum is trading nicely above the $202 and $200 support levels
- The price is currently attempting an upside break above $207 and the 100 hourly simple moving average.
- There is a key connecting bearish trend line forming with resistance near $207 on the hourly chart of ETH/USD (data feed via Kraken).
- The bulls seem to be eyeing a strong upside break above the $207 and $210 levels.
Ethereum Price Could Rise Sharply
In the past few sessions, Ethereum remained well bid above the main $202 and $200 support levels against the US Dollar. ETH price climbed above the $210 level, but it struggled to continue above $212.
A high was formed near $212 recently and the price corrected lower. There was a break below the $210 level and the 100 hourly simple moving average. The price even spiked below the 50% Fib retracement level of the upward move from the $195 swing low to $212 high.
However, the bulls defended the key $202 support zone. Ethereum also found support near the 61.8% Fib retracement level of the upward move from the $195 swing low to $212 high.
It is currently rising and testing the $207 resistance. There is also a key connecting bearish trend line forming with resistance near $207 on the hourly chart of ETH/USD. If Ether climbs above the $207 and $210 resistance levels, the bulls are likely to take control.
An immediate resistance is near the $212 level, above which the bulls are likely to aim a test of the $220 level. Any further gains could open the doors for a move towards the $225 level or the $230 resistance zone in the near term.
Bearish Reaction?
If Ethereum struggles to gain bullish momentum above $210 or $212, it could correct lower. An initial support is near the $205 level. The first major support is near the $202 and $200 levels.
A breakdown support is forming near the $195 level, below which there is a risk of a larger decline towards the $182 and $180 support levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising and it is above the 50 level.
Major Support Level – $202
Major Resistance Level – $210
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