Ethereum is trading nicely above the USD 192 and USD 200 support levels against the US dollar. The ETH price could start a strong rally if it clears the USD 210 and USD 215 resistance levels.
- The ETH price shows positive signs above the USD 200 pivot level against the US dollar.
- A strong support base forms above USD 205 and the 100 Simple Moving Average (4 hours).
- There is a crucial contractile triangle with a resistance of almost $ 210 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair could start a strong rally if it breaks USD 210 and USD 215 in the near term.
Ethereum Price Eyeing Another Rally
Last week, Ethereum failed to clear the key USD 215 resistance area against the US dollar. The ETH price started a nasty drop and broke the key USD 202 and USD 200 support levels.
The price even peaked below the USD 195 level and the 100 simple moving average (4 hours). Ether tested a large support zone at $ 192, where the bulls took a strong stance.
An all-time low is near USD 191 and the price has started an upward move again. It surpassed the USD 200 and USD 202 resistance levels. In addition, there was a pause above the 50% Fib retracement level from the major drop from the $ 215 swing high to $ 191 swing low.
Ethereum is now trading above the USD 205 level and the 100 Simple Moving Average (4 hours). It faces a large resistance near the USD 210 level. There is also a crucial contractile triangle with a resistance near USD 210 in the 4 hours chart from ETH / USD.
The triangle trend line coincides with the 76.4% Fib retracement level from the major drop from the $ 215 swing high to $ 191 swing low. If the bulls can clear the triangle’s resistance at $ 210, it may even surpass the key resistance level at $ 215.
A successful break above the USD 215 resistance zone may trigger a steady rise towards the USD 220 and USD 230 resistance levels. Any further gains may require a $ 250 resistance zone test in the short term.
If Ethereum fails to advance above the USD 210 and USD 215 resistance levels, there is a chance of anther decline in the near term. Initial support is near the USD 203 level and the 100 simple moving average (4 hours).
The main support is near the USD 200 level and the triangle support, below which the price is likely to rise lower towards the USD 192 support zone.
4 hours MACD – The MACD for ETH / USD is slowly losing pace in the bullish zone.
4 hours RSI – The RSI for ETH / USD is currently well above the 50 level.
Great support level – $ 200
Large resistance level – $ 210
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