Ethereum Price Analysis: ETH/USD Under Pressure Below $210

Key Highlights


ETH price struggled to break the $208-209 resistance area and it mostly consolidated against the US Dollar.
There is a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may correct a few points towards $202 or $200 before it climbs back higher.

Ethereum price is slowly losing grip against the US Dollar and bitcoin. ETH/USD must break the $208 and $209 resistance levels to gain traction.

Ethereum Price Analysis

During the past three sessions, there was a steady rise above the $205 level in ETH price against the US Dollar. The ETH/USD pair even traded above $207 level, but it struggled to clear the $208-209 resistance zone. There were two rejections noted below the $210 level and it seems like buyers are losing momentum. During the recent rise, the price climbed above the 23.6% Fib retracement level of the recent decline from the $220 high to $197 low.

On the downside, there is a decent support formed around $202. There is also a major bullish trend line formed with support at $205 on the hourly chart of ETH/USD. If there is a break below the trend line, the price may test the $202 support and the 100 hourly SMA. Below this, the next key support for buyers is near the $197-198 zone. On the upside, the price has to break the $208-209 resistance. Moreover, the 50% Fib retracement level of the recent decline from the $220 high to $197 low is also near $208.78 to prevent gains.

Looking at the chart, ETH price could correct lower towards $202 or $197 in the near term. Once a correction wave is complete, there could be an upward move towards the $208 or $212 level.

Hourly MACD The MACD is currently flat in the bearish zone.

Hourly RSI The RSI is moving flat, but it is currently well above the 50 level.

Major Support Level $197

Major Resistance Level $208

The post Ethereum Price Analysis: ETH/USD Under Pressure Below $210 appeared first on NewsBTC.

16.10.2018 / 23:30 20
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