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 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.
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.