Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price is slowly recovering, but there are many hurdles on the upside near $224-225 against the US Dollar.
- There is a short-term ascending channel in place with support at $214 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $213 and $210 levels to recover further towards the $224 level.
Ethereum price is struggling to gain traction against the US Dollar and bitcoin. ETH/USD is likely to face a strong selling interest near the $224 level.
Ethereum Price Analysis
Recently, we saw a decent buying interest near the $204 level in ETH price against the US Dollar. The ETH/USD pair started an upward recovery and moved above the $210 level. There was also a break above the 23.6% Fib retracement level of the recent slide from the $245 high to $204 swing low. However, the upside move was capped by the $222-224 zone and the 100 hourly simple moving average.
The price is currently under pressure below $224 and the 100 hourly SMA, and is testing the previous resistance at $213. There is also a short-term ascending channel in place with support at $214 on the hourly chart of ETH/USD. As long as the pair is above the channel support, there could be more gains above the $220 level. However, the $224 level is a significant resistance. It coincides with the 50% Fib retracement level of the recent slide from the $245 high to $204 swing low. Above the $224 level, there is a bearish trend line in place with resistance at $232 on the same chart.
Looking at the chart, ETH price is clearly struggling to gain bullish momentum above $220 and 100 SMA. On the downside, a break below the channel support may push the price towards $204.
Hourly MACD – The MACD is slightly placed in the bearish zone.
Hourly RSI – The RSI is currently positioned with a flat structure above the 50 level.
Major Support Level – $213
Major Resistance Level – $224