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Ethereum price stayed above the $203.50 swing low and formed a decent support. ETH/USD is currently recovering and it could rise above the $210.00 resistance.

  • Ethereum price formed a decent support near the $203.50 and $204.00 levels.
  • ETH/USD must break a major bearish trend line with resistance at $209.50 on the 30-minute chart.
  • The price remains supported on dips near the $207.00 and $206.00 levels.

Ethereum Price

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Ethereum Price Analysis

This past week, Ethereum price trimmed most of its gained and traded below the $210.00 level. The price traded as low as $203.50 and later started consolidating losses.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair formed a decent support near the $203.50 and $204.00 levels and later started an upside correction. It jumped above the $210.00 level and the 25 simple moving average (30-min).

A swing high was formed at $212.00 and the price declined to test the $206.00 zone. At the outset, the price is moving higher from the $206.21 low and it is approaching the $209.00-210.00 resistance area.


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Buyers recently pushed the price above the 23.6% Fib retracement level of the last decline from the $212.00 high to $206.21 low. However, there is a strong resistance formed around the $209.00-210.00 area.

There is also a major bearish trend line with resistance at $209.50 on the same chart. Above the trend line, the 61.8% Fib retracement level of the last decline from the $212.00 high to $206.21 low is at $209.82.

Therefore, a proper break and close above the $209.00-210.00 resistance area is needed for buyers to take control in the near term. The 30-minute RSI for ETH/USD suggests that there was trend line break, which means there are chances that Ethereum price could break the $212.00 high in the near term.

If there is a downside move, the price is likely to find support near the $207.00 or $206.00 level. Below $206.00, the price may well retest the $203.50 area, which is now a strong support for buyers.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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