Key Highlights

  • ETH price traded higher recently and tested the $203-204 resistance zone against the US Dollar.
  • There is a major bearish trend line in place with resistance at $203 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could break the $203 and $204 resistance levels to climb higher in the near term.

Ethereum price is slowly moving higher against the US Dollar and bitcoin. ETH/USD must clear the $204 level to move further higher in the near term.

Ethereum Price Analysis

During the past few hours, there was a slow and steady rise from the $199 swing low in ETH price against the US Dollar. The ETH/USD pair traded above the $200 level and the 100 hourly simple moving average. As a result, there were further gains and the price traded towards the $203 and $204 resistance levels. Sellers emerged and protected more gains above the $204 level.

More importantly, there is a major bearish trend line in place with resistance at $203 on the hourly chart of ETH/USD. The trend line is currently acting as a solid resistance near the $203.-204 zone. The price is currently consolidating near the 23.6% Fib retracement level of the recent wave from the $199 low to $203 high, but it could correct lower below $202. An initial support is near the $201 level and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent wave from the $199 low to $203 high. Buying dips in the short term towards the $201 and $200 levels can be considered. The stop in the mentioned case should be below the $199 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is showing positive signs above the $200 level and the 100 hourly. However, it must break the $204 level to set the pace for more gains.

Hourly MACDThe MACD is slightly in the bullish zone.

Hourly RSIThe RSI is currently well above the 50 level.

Major Support Level – $199

Major Resistance Level – $204

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