Ethereum is currently trading as part of a critical allocation to the US dollar. The price of ETH is expected to start rising sharply once it crosses the resistance zone at $ 205.
- Ethereum is still struggling to break the key resistance levels of $ 205 and $ 206.
- The price is trading in a range above the support of $ 197 and the simple moving average of 100 hours.
- A major breakout pattern is forming with a resistance close to $ 205 on the ETH / USD hourly chart (data via Kraken).
- There is a chance of a strong recovery if there is a clear break above $ 205.
Ethereum price looks back on breakout
The Ethereum price made another attempt to clear the key resistance zone of $ 205 against the US dollar, but failed. A maximum is formed near $ 206 and the price is currently consolidating in a range.
There has been a downward correction below the $ 202 level. The price traded below the Fibonacci retracement level of 23.6% of the rise, going from the lowest of $ 188 to the highest of $ 206.
However, the price maintains significant support near the $ 197 level and the 100-hour simple moving average. A major reason for rupture also forms with a resistance close to $ 205 per hour graphic
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ETH / USD.
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The support of the triangle is close to $ 197 and 50% of the Fib retracement level of the upward movement from the lowest of $ 188 to the highest of $ 206. On the upside, Ethereum must clear the $ 205 resistance zone to start a strong rally.
If there is an appropriate close above $ 205, the ether could begin a significant recovery above the levels of $ 210 and $ 215. Initial resistance is close to the $ 220 level. Any other gain could drive up the price in the area. $ 230 main resistance.
Downhill descent
Triangular support, $ 197, and 100 hour ADM could play a role. If Ethereum does not hold above the $ 197 level, there is a risk of a bearish breakout.
The next major support is close to the level of $ 192 (the recent breakout area). If the bulls fail to protect the $ 192 support area, there is a possibility of a sustained downtrend towards the $ 180 support area in the short term.
Technical indicators
MACD per hour – The MACD for ETH / USD is accelerating in the bearish area.
RSI per hour – The RSI for ETH / USD corrects just below the 50 level.
Major support level – $ 197
Major resistance level – $ 205
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