ETH price remained well bid above the $205 support and recently climbed higher against the US Dollar. The price tested the $215 resistance and it is currently correcting gains.
After forming a decent support above $205, Ethereum price recovered a few points against the US Dollar. The ETH/USD pair formed a swing low near $204 and jumped above the $208 and $210 resistance levels. Later, there was a close above the $210 resistance level and the 100 hourly simple moving average. Similarly, there were positive moves in bitcoin price above the $9,500 and $9,600 levels.
During the rise, there was a break above a major bearish trend line with resistance near $208 on the hourly chart of ETH/USD. The pair tested the $215 resistance and recently corrected lower. It broke the $212 level plus the 23.6% Fib retracement level of the recent upward move from the $204 low to $215 high. However, the bulls were able to protect the $208 support area.
Moreover, the 50% Fib retracement level of the recent upward move from the $204 low to $215 high also acted as a support. More importantly, there is a connecting bullish trend line forming with support near $210 on the same chart. At the moment, the price is trading with a positive bias above the $210 level. On the upside, the main resistance is near the $215 level, above which it could start a solid increase.
dditionally, the 50% Fib retracement stage of the hot upward transfer from the $204 low to $215 prime additionally acted as a reinforce. Extra importantly, there’s a connecting bullish development line forming with reinforce close to $210 at the similar chart. These days, the associated fee is buying and selling with a good bias above the $210 stage. At the upside, the primary resistance is close to the $215 stage, above which it might get started a cast build up.
The following vital resistance is close to the $220 stage, above which the associated fee may just revisit the $225 resistance. At the problem, if there’s a destroy underneath the fashion line, the $208 stage may act as a reinforce. If there are extra losses, the associated fee may just retest the $202 reinforce stage.
Having a look on the chart, Ethereum value may just proceed to recuperate if there’s a correct shut above the $215 resistance. Conversely, if the associated fee fails to proceed upper, there generally is a problem response underneath $210 and $208 reinforce ranges within the close to time period.