- ETH price rallied further and broke the $200 and $210 resistance levels against the US Dollar.
- Bitcoin price is consolidating near the $10,200 and $10,250 pivot levels.
- There is a new connecting bullish trend line forming with support near $206 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is showing a lot of bullish signs and it might even surpass the $215 resistance level.
Ethereum Price Analysis
Yesterday, there was a sharp rise in ETH price above the $195 resistance against the US Dollar. Later, the price even touched the $200 level before starting a consolidation phase. Finally, the price broke to the upside and surpassed the $200 barrier. It opened the doors for more gains above the $205 and $210 resistance levels. A new weekly high was formed near $215 before the price started a downside correction.
Besides, ripple price performed really well and surged more than 15%. XRP broke the $0.2650 resistance (as discussed yesterday), opening the doors for a massive upward move. Looking at Ethereum, the price corrected gains recently after setting a new monthly high near $215. The price declined below the $210 level. Moreover, there was a break below the 23.6% Fib retracement level of the recent wave from the $196 low to $215 high.
However, the $208 level acted as a support and prevented additional losses. On the downside, there are many supports near $208 and $206. There is also a new connecting bullish trend line forming with support near $206 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent wave from the $196 low to $215 high is also sitting tight near the $206 level.
Therefore, the price remains well supported near $208 and $206. Below the $206 support, the price could test the $200 support area. On the upside, an immediate resistance is near the $215 level. If there is an upside break above $215, the price could continue to rise towards the $220 and $225 levels.
Looking at the chart, Ethereum price is showing a lot of bullish signs and it might even surpass the $215 resistance level. The next targets for the bulls may perhaps be near the $225 level. On the downside, the main supports are near $208 and $206.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is still showing positive signs in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $206
Major Resistance Level – $215
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