- ETH price extended gains above the $215 resistance area against the US Dollar.
- The price is currently correcting lower and is trading below the $212 support area.
- There was a break below yesterday’s highlighted bullish trend line with support near $211 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to correct further lower towards the $200 support area in the near term.
Ethereum price is currently correcting gains versus the US Dollar and bitcoin. ETH price might soon test the $200 support area before it starts a fresh increase.
Ethereum Price Analysis
Yesterday, we saw a solid upward move in ETH price above the $200 resistance against the US Dollar. The price even broke the $210 level and settled well above the 100 hourly simple moving average. As a result, the price extended gains above the $215 level and posted a new monthly high near $218. On the other hand, bitcoin price remained in a bearish zone and settled below the $10,200 level.
At the moment, Ethereum is correcting gains below the $212 support area. Additionally, there was a break below the 23.6% Fib retracement level of the upward move from the $188 low to $218 high. More importantly, there was a break below yesterday’s highlighted bullish trend line with support near $211 on the hourly chart of ETH/USD. It opened the doors for more downsides and the price is now trading below $210.ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.