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Ethereum Price Analysis: ETH/USD Rans Into Resistance and 100 SMA

Key Highlights

  • ETH price recovered nicely and tested an important resistance near the $198.50 level against the US Dollar.
  • Yesterday’s highlighted major bearish trend line is intact with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $197 and $198 resistance levels to trade further higher in the near term.

Ethereum price recovered a few points against the US Dollar and bitcoin. However, ETH/USD faced a strong resistance zone near the $198 level.

Ethereum Price Analysis

Recently, ETH price dipped sharply from the $197 resistance against the US Dollar. The ETH/USD pair declined and retested the last swing low near the $1952 level. Buyers appeared, protected further losses, and finally pushed the price back above the $195 level. The price bounced back sharply and traded above the $197 level as well. Besides, there was a break above the 50% Fib retracement level of the recent downside from the $203 high to $191 low.

However, the price failed near a crucial resistance at $198. More importantly, yesterday’s highlighted major bearish trend line is intact with current resistance at $197 on the hourly chart of ETH/USD. Furthermore, the 61.8% Fib retracement level of the recent downside from the $203 high to $191 low acted as a strong resistance. The price is currently trading just below the $197 level, trend line, and the 100 hourly simple moving average. A proper break above the trend line, $197, and $198 is needed for further gains in the near term. If not, the price could decline back towards the $195 or $194 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price recovered nicely from the $192 zone. Having said that, it ran into the key resistance near $197-198. Thus, as long as the price is below $198, it may well decline once again.

Hourly MACD The MACD is about to move back in the bearish zone.

Hourly RSI The RSI is currently above the 50 level.

Major Support Level – $192

Major Resistance Level – $198

The post Ethereum Price Analysis: ETH/USD Rans Into Resistance and 100 SMA appeared first on NewsBTC.



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