Ethereum price traded below the $215.00 and $210.00 support levels. ETH/USD corrected recently, but the previous support at $215.00 acted as a resistance.
- Ethereum price settled below an important support area at $215.00.
- ETH/USD is struggling to break two bearish trend lines with resistance near $215.00 on the 30-minute chart.
- The price is forming a solid support near the $209.00 and $208.00 levels.
Ethereum Price Analysis
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair spiked towards the $206.00 level and formed a low at $206.28. Later, the pair recovered sharply and traded above the $209.00 level. It seems like the price is forming a solid support near the $209.00 and $208.00 levels.
Buyers recently managed to push the price above the $212.00 level and the 50% Fib retracement level of the last drop from the $217.45 high to $206.28 low. There was even a close above the $212.00 level and the 25 simple moving average (30-min).
However, the upside move was capped by the $214.00-215.00 zone, which was a support earlier and now it is acting as a resistance. More importantly, there are two bearish trend lines in place with resistance near $215.00 on the same chart.
Besides, the price failed to break the 76.4% Fib retracement level of the last drop from the $217.45 high to $206.28 low. Therefore, the $215.00 resistance is clearly a major barrier for buyers in the near term. If there is an upside break above $215.00, it could open the doors for a decent recovery towards the $220.00 or $222.00 levels.
On the downside, an immediate support is near $212.00 and the 25 SMA. If buyers fail to hold gains above $212.00, the price may perhaps revisit the $209.00 support area. The current price action is positive for Ethereum, and it could break $215.00 as long as there is no close below $208.00.
The market data is provided by TradingView, Bitfinex.