Ethereum Price (ETH) Flirts With Key Resistance Amid Negative Sentiment
ETH price remained supported above the $205 level, but struggled to gain traction against the US Dollar.
The price is facing a few key resistances near the $212 and $215 levels.
There is a contracting triangle forming with resistance near $211 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could either rally above the $215 resistance or it might soon retest the $200 support level.
Ethereum price is still facing a strong selling interest versus the US Dollar and bitcoin. ETH price needs to surpass the $215 resistance to avoid a downside break.
Ethereum Price Analysis
After a sharp dip below the $205 and $200 levels, Ethereum price started an upside correction against the US Dollar. The ETH/USD pair formed a swing low near $197 and recently recovered above the $205 and $210 levels. However, the upward move was capped by the $215 resistance level. Moreover, the 100 hourly simple moving average (currently near $212) also acted as a strong resistance.
The price topped near the $215 level and recently corrected gains. It broke the $210 level plus the 23.6% Fib retracement level of the recent recovery from the $197 low to $215 high. However, the declined was protected by the $205 support level. Moreover, the 50% Fib retracement level of the recent recovery from the $197 low to $215 high acted as a decent support zone.
At the moment, it seems like there is a contracting triangle forming with resistance near $211 on the hourly chart of ETH/USD. On the upside, there is a crucial resistance forming near $211, $212, and the 100 hourly SMA. If there is an upside break above $212, the price is likely to rally above the $215 resistance. In the mentioned case, the next possible target for the bulls could be $225.
On the other hand, if the price fails to break the $212 resistance zone, there could be a fresh bearish wave. An initial support is near the $205 level, below which the price could test the main $200 support level. Any further gains will most likely open the doors for more losses towards the $185 support level.
Looking at the chart, Ethereum price is showing a few negative signs below the $211-212 resistance area. The bulls need to soon gain pace above $212 to start a decent upward move. If not, the price is likely to react to the downside towards or below $200 in the near term.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level and holding the 40 level.
Major Support Level – $205
Major Resistance Level – $212
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