HomeAltcoin NewsEthereum Price Analysis: ETH Testing Key Support, Can It Bounce Back?

Ethereum Price Analysis: ETH Testing Key Support, Can It Bounce Back?

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  • Ethereum price started a downside correction after trading as high as $225 against the US Dollar.
  • ETH price is currently trading below the $210 support and is testing the $200 handle.
  • There is a crucial bullish trend line forming with support near $198 on the 4-hours chart (data feed from Coinbase).
  • The price is likely to bounce back as long as there is no daily close below $198 and $193.

Ethereum price is closing in towards major support near $198 against the US Dollar. ETH price could bounce back as long as it is above the $193 support area.

Ethereum Price Analysis

This past week, we saw a solid rise in Ethereum price above the $200 resistance against the US Dollar. The ETH/USD pair even climbed above the $210 resistance and the 55 simple moving average (4-hours). The upward move was such that the price traded to a new multi-week high at $225. However, the price struggled to continue higher and recently started a downside correction below the $215 level.

There was a break below the $210 support area. Moreover, the price traded below the 23.6% Fib retracement level of the last major wave from the $174 swing low to $225 high. It even traded below $205 and the 55 simple moving average (4-hours). At the moment, the price is testing an important support area near $198-$200. Moreover, the 50% Fib retracement level of the last major wave from the $174 swing low to $225 high is near the $200 level.

There is also a crucial bullish trend line forming with support near $198 on the 4-hours chart. The main support is near the $193 level since it coincides with the 61.8% Fib retracement level of the last major wave from the $174 swing low to $225 high. If there is a downside break below the $198 and $193 supports, Ethereum price could move back into a bearish zone.

Conversely, the price may perhaps bounce back from the $198 or $193 support. An immediate resistance is near the $208 level and the 55 simple moving average (4-hours). Additionally, there is a connecting bearish trend line forming with resistance near $210 on the same chart.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is closing in towards a major support area near $198 and $193. As long as there is no daily close below $193, the price is likely to bounce back above $210.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well below the 40 level.

Key Support Levels – $198, followed by the $193 zone.

Key Resistance Levels – $208 and $210.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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