- There was a minor decline in ETH price, but it managed to hold the $200 support against the US Dollar.
- There is a connecting bearish trend line with resistance at $221 forming on the hourly chart (ETH/USD, data feed via SimpleFX).
- The pair remains well positioned above the $200 support and the 100 hourly simple moving average.
Ethereum price mostly traded in a range intraday against the US Dollar and Bitcoin, and ETH/USD remains well supported above the $200 level.
Ethereum Price Resistance and Support
There was a slight decline in ETH price against the US Dollar below the $210 level. During the decline, there was a break below yesterday’s contracting triangle pattern with support at $210 on the hourly chart. However, the downside move was limited, as the $200 support acted as a strong barrier. The most important point is ETH/USD holding the 100 hourly simple moving average and $200 very well.
It looks like the price is ranging at the moment above the $198-200 support. On the upside, there is a connecting bearish trend line with resistance at $221 forming on the hourly chart. The pair jumped sharply above the 38.2% Fib retracement level of the last decline from the $225 high to $198 low. It appears that the price may soon test the trend line at $221. At the moment, the 61.8% Fib retracement level of the last decline from the $225 high to $198 low is holding the upside move.
A break and close above the trend line resistance could ignite a rally above $230. However, it won’t be easy, and I think we may see one more dip back towards $208-210 before there is an attempt to break $230.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI has just moved above the 50 level with a slight upward direction.
Major Support Level – $198
Major Resistance Level – $221
Charts courtesy – SimpleFX
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