The ETH news today show that the price of Ethereum crossed $210 recently and is currently consolidating in the $213 region against the US dollar. With a minimal decrease on the day just like most of the top 10 coins, the ETH price is still trying to breach the $215 and $220 resistance levels.
Speaking of which, we can see that Ethereum is facing an uphill task near the $215 and $216 resistance levels. A strong support is forming above $208 and the 100 hourly simple moving average.
We can also notice a key breakout pattern that is forming with resistance near the $215 mark on the hourly chart of ETH/USD. As Ethereum crossed $210, analysts expect for the rally to continue and even with the next break, ETH could either rally above $216 or decline sharply to $200.
The chart above illustrates that the $208 zone acted as a strong support when Ethereum crossed $210, along with the 100 hourly simple moving average. Now, it seems like there is a key breakout pattern forming with resistance near $215 on the hourly chart of ETH/USD.
But could there be a bearish break for the ETH price in the coming days?
Well, analysts think that if Ethereum fails to clear the $215 and $216 resistance levels, there could be a bearish reaction. In this case, an initial support on the downside is near the $208 level and the 100 hourly simple moving average.
The main uptrend support is also near the $205 zone, close to the 50% Fib retracement level of the upward move from the $191 low to a $216 high. If the price fails to stay above the $205 support zone, it will perhaps extend its decline towards the $200 level.
Also, any additional losses as Ethereum crosses $210 could push the bears to gain traction and the price of the biggest coin in the coming altcoin news may perhaps decline towards the $192 support zone, which is so far the most negative scenario. The technical indicators of ETH/USD are now as following:
- Hourly MACD – The MACD for ETH/USD is starting to show signs of a strong bullish break.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level, positioned with a bullish angle.
- Major Support Level – $208
- Major Resistance Level – $216
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