Ethereum price jumped recently and broke the $208.00 and $210.00 resistances. ETH/USD is currently correcting gains and it is approaching a major support near $205.00-208.00.

  • Ethereum price traded higher sharply and surpassed the $208.00 resistance zone.
  • ETH/USD is currently following a short term declining channel with resistance at $210.00 on the 30-minute chart.
  • The price is currently approaching a major support area near $205.00-208.00.

Ethereum Price

Ethereum Price Analysis

Buyers finally took the stage and pushed Ethereum price higher from the $198.86 swing low. The price rallied and broke many resistances near the $200.00, $205.00, $208.00 and $210.00 levels.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair clearly gained traction and traded above the $218.00 level. A new weekly high was formed at $218.92 and later the price started a downside correction.

Sellers pushed the price below the $215.00 level and the 25 simple moving average (30-min). There was also a break below the 50% Fib retracement level of the recent upward wave from the $201.43 low to $218.92 high.

However, the price seems to be approaching a major support area near $205.00-208.00. At the outset, there is a short term declining channel formed with resistance at $210.00 on the same chart.

The channel support coincides with a connecting bullish trend line with support at $207.50 on the same chart. Besides, the 61.8% Fib retracement level of the recent upward wave from the $201.43 low to $218.92 high is at $208.13.

Therefore, the $207.50-208.00 zone is a decent support for the current correction. If there is a break below the $208.00 support, the price may perhaps slide towards the next major support at $205.50 (the previous resistance).

On the upside, the price needs to clear the channel resistance, $210.00, and the 25 simple moving average (30-min) to regain the bullish bias. In the mentioned case, Ethereum price is likely to resume its upside move above the $215.00 level in the near term. The next major hurdle for buyers is near the $218.00-220.00 zone.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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