Ethereum is struggling to gain bullish momentum above the $210 and $220 resistance levels against the US Dollar. ETH price remains at a risk of drop below $200 if it continues to struggle near $210.
Ethereum is facing an uphill task near the $210 and $211 resistance levels.
A crucial support is forming near the $197-$198 zone.
There is a major bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken).
The bulls must gain strength above $210 for a sustained move towards $220 and $230.
Ethereum Price Trading Near Key Hurdle
Recently, Ethereum made another attempt to surpass the $210 resistance against the US Dollar, but it failed. ETH price formed a short term top near $211 and declined sharply.
There was a break below the $202 support zone, but the $197-$198 region acted as a strong buy zone. Ether price traded as low as $197 and it is currently rising. There was a break above the $202 and $205 levels.
The price surpassed the 50% Fib retracement level of the recent decline from the $211 high to $207 low. However, Ethereum is currently struggling to clear $208 and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD. An intermediate resistance is near the 76.4% Fib retracement level of the recent decline from the $211 high to $207 low.
To move into a positive zone and start a strong upward move, the price must break the $210 and $211 resistance levels. If the bulls gain bullish momentum above $211, the price is likely to grind higher towards the $220 level. The next major resistance is seen near the $230 level.
If Ethereum fails again to break the $210 and $211 resistance levels, there could be another bearish reaction. An initial support on the downside is near the $202 level.
The main support is now forming near the $197 and $198 levels. If the price fails to stay above $200 and settles below $197, there is a risk of a significant decline towards the $182 and $180 support levels.
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.
Major Support Level – $200
Major Resistance Level – $211
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.