- ETH price recovered nicely and tested an important resistance near the $ 198.50 level against the US Dollar.
- Yesterday’s highlighted major bearish trend line is intact with resistance at $ 197 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must break the $ 197 and $ 198 resistance levels to trade further higher in the near term.
Ethereum price recovered a few points against the US Dollar and bitcoin. However, ETH/USD faced a strong resistance zone near the $ 198 level.
Ethereum Price Analysis
Recently, ETH price dipped sharply from the $ 197 resistance against the US Dollar. The ETH/USD pair declined and retested the last swing low near the $ 1952 level. Buyers appeared, protected further losses, and finally pushed the price back above the $ 195 level. The price bounced back sharply and traded above the $ 197 level as well. Besides, there was a break above the 50% Fib retracement level of the recent downside from the $ 203 high to $ 191 low.
However, the price failed near a crucial resistance at $ 198. More importantly, yesterday’s highlighted major bearish trend line is intact with current resistance at $ 197 on the hourly chart of ETH/USD. Furthermore, the 61.8% Fib retracement level of the recent downside from the $ 203 high to $ 191 low acted as a strong resistance. The price is currently trading just below the $ 197 level, trend line, and the 100 hourly simple moving average. A proper break above the trend line, $ 197, and $ 198 is needed for further gains in the near term. If not, the price could decline back towards the $ 195 or $ 194 level.
Looking at the chart, ETH price recovered nicely from the $ 192 zone. Having said that, it ran into the key resistance near $ 197-198. Thus, as long as the price is below $ 198, it may well decline once again.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $ 192
Major Resistance Level – $ 198