- Ethereum price gained traction above the $210 and $212 levels against the US Dollar.
- ETH price is still struggling to gain momentum above the $217 and $220 resistance levels.
- There is a key bullish trend line forming with support near $204 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher above $220 as long as it is above the $204 support.
Ethereum price is trading in a positive zone above $200 and $204 against the US Dollar. ETH/USD must surpass the $220 resistance zone to continue higher in the near term.
Ethereum Price Analysis
After a successful close above the $192 pivot level, Ethereum price started a fresh increase against the US Dollar. ETH price broke a few important hurdles near the $200 level to move into a positive zone.
The upward move was such that the price even climbed above the $205 resistance and settled nicely above the 55 simple moving average (4-hours). Finally, there was a break above the $210 level and the price revisited the $217 resistance area.
It seems like the price is still struggling to gain momentum above the $217 and $220 resistance levels. It is currently consolidating gains and trading near the $210 level.
Ethereum is testing the 23.6% Fib retracement level of the recent wave from the $91 low to $217 high. The first major support on the downside is near the $204 level. Moreover, there is a key bullish trend line forming with support near $204 on the 4-hours chart.
The trend line is close to the 50% Fib retracement level of the recent wave from the $91 low to $217 high. The next major support is near the $198 level and the 55 simple moving average (4-hours).
If there is a downside break below the trend line support, the price might even struggle to stay above the $198 support and the 55 simple moving average (4-hours). In the mentioned case, the price might revisit the $192 support.
On the upside, the main hurdles are still near the $217 and $220 levels, above which the bulls are likely to aim a test of the $230 resistance zone in the near term.
Looking at the chart, Ethereum price is trading in a bullish zone above the $204 support. Therefore, there are high chances of more upsides above $217 and $220 as long as it is above $204.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is correcting lower towards the 50 level.
Key Support Levels – $204, followed by the $198 zone.
Key Resistance Levels – $220 and $230.
