- Ethereum price is trading nicely above the $198 and $200 support levels against the US Dollar.
- ETH price is likely to break the $214-$215 resistance region for a fresh rally.
- There is a major bullish trend line forming with support near $201 on the 4-hours chart (data feed from Coinbase).
- The pair could correct a few points, but it is likely to remain well bid above the $200-$201 zone.
Ethereum price is trading in an uptrend above the $200 support against the US Dollar. ETH/USD is likely to break $214-$215 for a fresh rally in the near term.
Ethereum Price Analysis
After a strong rally, Ethereum price faced resistance near the $225 zone against the US Dollar. ETH price formed a swing high at $225 and started a substantial downside correction in the past few days.
There was a break below the $215 support zone. Besides, the price spiked below the $200 support zone and the 55 simple moving average (4-hours). The price traded as low as $195 and recently started a fresh upward move.
It recovered above the $205 zone and the 55 simple moving average (4-hours). There was a break above the 50% Fib retracement level of the downside correction from the $220 swing high to $195 low.
However, the price is now facing a major hurdle near the $211 level. It is close to the 61.8% Fib retracement level of the downside correction from the $220 swing high to $195 low. It seems like the price is facing a major resistance near the $211, $214 and $215 levels.
A successful break above the $211 level and a connecting bearish trend line at $214 on the 4-hours chart is needed to start a fresh rally. The next key resistance is near the $220 level, above which the bulls are likely to aim a break above the $225 and $230 levels.
On the downside, there is a major bullish trend line forming with support near $201 on the same chart. The main support is near the $198 level, below which the bears are likely to lead the fight and they are likely to aim a test of the $180 support zone.
Looking at the chart, Ethereum price is trading in a bullish zone above the $201 and $200 levels. Therefore, there are high chances of an upside break above the $211 and $215 levels.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is rising and it is just above the 50 level.
Key Support Levels – $201, followed by the $198 zone.
Key Resistance Levels – $214 and $225.