Ethereum lacks momentum above $ 200, but push seems imminent
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Ethereum is trading above the support levels of $ 192 and $ 195 against the US dollar. The price of ETH could start to rise sharply if there is a clear break above the resistance of $ 205.
- The price of ETH is trading just below the crucial resistance near the $ 205 level against the US dollar.
- It is now trading above $ 192 and the simple moving average of 100 (4 hours).
- A major bearish trend line is forming with a resistance close to $ 202 on the ETH / USD 4-hour chart (data via Kraken).
- The pair could start a significant recovery if it breaks $ 202 and $ 205 in the short term.
Ethereum Price eyeing upside down
Last week, Ethereum rebounded very well and surpassed the pivot level of $ 188 against the US dollar. The price of ETH even broke the resistance zone of $ 192 and settled above the simple moving average of 100 (4 hours) (similar to bitcoin).
The price could trade above the Fibonacci retracement level of 50% of the last key drop, going from the highest of $ 215 to the lowest of $ 176. However, the price is facing a strong resistance zone near the $ levels. 204 and 205 $.
The above breakdown zone near the $ 205 level acts as a key obstacle for Ether. Fibonacci's 76.4% retracement level from the last key drop from the high of $ 215 to the lowest of $ 176 also acts as resistance at $ 206.
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More importantly, a major downtrend line forms with resistance close to $ 202 in 4 hours. graphic ETH / USD. The pair is currently trading above $ 192 and the simple moving average of 100 (4 hours).
Ethereum Prize
To start a significant upward movement, Ethereum must break the trend line, the $ 205 and $ 206 levels. A successful break and a close above $ 206 could open doors for a bigger rally in the short term.
The next big resistance is near the $ 215 level, above which the price could rise steadily towards the resistance levels of $ 220 and $ 230.
Down reaction
If Ethereum does not continue above the resistance levels of $ 205 and $ 206, there are possibilities for a bearish reaction in the short term.
Initial support is close to the $ 197 level and the simple moving average of 100 (4 hours). Main support is close to the $ 192 level, below which the price should accelerate to the $ 180 level.
Technical indicators
MACD 4 hours: The MACD for ETH / USD is struggling to gain ground in the bullish zone.
4 hour RSI: The RSI for ETH / USD is currently down to level 50.
Major support level – $ 192
Major resistance level – $ 206
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