Ethereum Price (ETH) Spiking Higher But Remains In Downtrend
- ETH price declined steadily and recently revisited the $200 support level against the US Dollar.
- The price traded as low as $197 and spiked sharply above the $200 and $205 levels.
- There was a break above a short term ascending channel with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to recover, but it remains in a downtrend as long as below $225.
Ethereum price is currently correcting higher versus the US Dollar and bitcoin. ETH price might climb towards the $220 or $225 resistance where sellers are likely to take a stand.
Ethereum Price Analysis
In the past few days, there was a steady decline in Ethereum price from the $225 resistance against the US Dollar. The ETH/USD pair broke the $210 support level and the 100 hourly simple moving average. Finally, there was a spike below the main $200 support level and a new swing low was formed near $197. However, it seems like the bulls were able to protect the $200 support as the price recovered sharply above $205.
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There was a solid recovery above the $205 and $210 resistance levels. Moreover, there was a break above a short term ascending channel with resistance near $210 on the hourly chart of ETH/USD. The pair is now trading above the $210 level and the 100 hourly simple moving average. Immediate support is near the broken channel at $211. Additionally, the 23.6% Fib retracement level of the recent wave from the $197 low to $215 swing high is also near the $210 level.
If the price continues to correct lower, the next support could be near the $206 level. The 50% Fib retracement level of the recent wave from the $197 low to $215 swing high is waiting near the $206 level to provide support. If the price slides below $205, the price is likely to move back towards $200.
On the upside, there are many important resistance levels near the $215, $220 and $225 levels. The main hurdle is near the $225 level, above which the price could turn positive in the coming days. If not, there is a risk of more losses below the $205 and $200 support levels.
Source – https://www.fxstreet.com
