- ETH price started a short term upside correction from the $201 low against the US Dollar.
- Ethereum price is currently trading near the key $215 resistance area and is showing bearish signs.
- There is a key ascending channel forming with support near $212 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could either continue to rise above the $215 resistance or it might resume its downward move.
Ethereum price is trading near a major resistance versus the US Dollar and bitcoin. ETH price is likely to decline again if it fails to surpass the $215-$216 resistance zone.
Ethereum Price Analysis
Recently, we saw a sharp decline in ETH price below the $220 and $215 supports against the US Dollar. The price even broke the $210 support level and settled below the 100 hourly simple moving average. Finally, the price tested the $200-$201 support area. A swing low was formed near $201 and the price started an upside correction above the $205 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $226 swing high to $201 swing low.
The recovery was such that the price climbed above the $215 level and the 100 hourly SMA. However, the price failed to gain strength above the 50% Fib retracement level of the downward move from the $226 swing high to $201 swing low. Additionally, it seems like the price failed to surpass the previous support zone (now resistance) near the $215-216 region.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is moving back into the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving lower towards the 50 level.