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.
You can see the latest Live Ethereum Price here.
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.
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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.
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.