Ethereum price corrected lower and tested the $208.00 support. ETH/USD is likely positioned for the next upside break above the $212.00 resistance.

  • Ethereum price is placed nicely above the $207.00-208.00 support zone.
  • ETH/USD is about to break a major bearish trend line at $210.10 on the 30-minute chart.
  • The price could rally above the $212.00 and $214.00 levels in the near term.

Ethereum Price

Ethereum Price Analysis

Yesterday, Ethereum price started a downside correction after rallying towards the $220.00 level. The price declined below the $214.00 and $210.00 support levels, but it remained well bid above $205.00.

Ethereum Price Analysis ETH Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair traded as high as $218.98 and later corrected below the $210.00 level and the 25 simple moving average (30-min). Sellers pushed the price below the 50% Fib retracement level of the last leg from the $201.26 low to $218.98 high.

However, there was a strong buying interest around the $207.00-208.00 zone. Moreover, the 61.8% Fib retracement level of the last leg from the $201.26 low to $218.98 high prevented further slides.

As a result, a base was formed near $208.00 and the price started a fresh upward move. It recently moved above the $209.00 level and the 25 simple moving average (30-min).

At the outset, the price is about to break a major bearish trend line at $210.10 on the same chart. Once there is a successful close above the trend line and $210.50, ETH buyers could gain control. The next resistance is at $212.00 followed by $214.00.

Should buyers gain pace above $214.00, the price is likely to revisit the $219.00-220.00 zone. However, considering the recent price action in ripple, there are chances of a sharp rally in Ethereum as well above the $220.00 resistance.

Conversely, if there is a downside reaction, the $208.00 and $205.50 levels are likely to act as strong barriers for buyers. Below $205.50, sellers may perhaps take control for a fresh decline towards the $200.00 or $198.00 level.

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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