Ethereum is up around 2% and it broke the key $210 resistance against the US Dollar. ETH price is showing positive signs and it could rise further, similar to bitcoin.
- Ethereum is slowly moving into a bullish zone above the $210 pivot level.
- The price traded towards the $218 level and it is currently correcting gains.
- There was a break above a key bearish trend line with resistance near $207 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to remain well bid above $208 and $210 in the near term.
Ethereum Price Showing Bullish Signs
In the past few sessions, bitcoin rallied and broke the $10,000 resistance, resulting in bullish moves in Ethereum against the US Dollar. ETH price formed a strong support base above $200 and started a fresh increase.
There was a break above the key $208 and $210 resistance levels. The price even settled above the $210 level and the 100 hourly simple moving average.
Downside Extension?
If Ethereum fails to stay above the $210 and $208 support levels, it could extend its decline. The next support is seen near the $205 level. The main support is now forming near the $198 level. if the bears succeed in clearing the $198 support zone, the price could move into a bearish zone.Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $208 Major Resistance Level – $220 Risk disclaimer: 76.4% of retail CFD accounts lose money.