- ETH price completed its downside correction near the $202 support area against the US Dollar.
- The price bounced back and climbed to a new monthly high above the $220 level.
- There is a new major bullish trend line forming with support near $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting gains, but it remains supported near the $215 and $210 levels.
Ethereum price is back in a positive zone versus the US Dollar and bitcoin. ETH price is showing positive signs and it might continue to rise above the $225 level.
Ethereum Price Analysis
Yesterday, ETH price corrected lower below the $212 and $210 supports against the US Dollar. Moreover, there was a break below the $205 support area. However, the $202 and $200 levels acted as strong supports. A swing low was formed near $202 and the price started a fresh increase. It surged above the $210 and $215 resistance levels to move back into a positive zone.
More importantly, there was a break above a connecting bearish trend line with resistance near $208 on the hourly chart of the ETH/USD pair. It opened the doors for more gains above the $220 level. Finally, the price traded to a new monthly high at $225. Recently, Ethereum started a downside correction and traded below the $220 level. It even broke the 23.6% Fib retracement level of the recent wave from the $202 low to $225 high.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is about to move into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.