This Scenario Could Trigger A New Ethereum Rally: Key Levels To Watch
Altcoins2020/05/19 10:58 by Aayush Jindal
Ethereum is currently trading above the $205 and $208 support levels against the US Dollar. ETH price could start a strong increase if it clears the $215 and $216 resistance levels.
Ethereum is showing a lot of positive signs above the key $205 support zone.
The price is currently trading above $210 and it is well above the 100 hourly simple moving average.
Yesterday’s major bullish trend line is active with support near $210 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must surpass the $215 and $216 resistance levels for a sustained upward move.
Ethereum Price Holding Uptrend Support
Ethereum price started a short term downside correction after it failed to clear the $216 resistance against the US Dollar. ETH price corrected lower and traded below the $212 support level.
The price even spiked below the $210 level, but it stayed well above the 100 hourly simple moving average. During the decline, ether price traded below the 50% Fib retracement level of the upward move from the $206 low to $216 high.
However, the bulls are currently defending the $208 support zone. The 61.8% Fib retracement level of the upward move from the $206 low to $216 high is also acting as a key support.
It seems like yesterday’s major bullish trend line is active with support near $210 on the hourly chart of ETH/USD. On the upside, an initial resistance is forming near the $214 level and a connecting bearish trend line.
If there is a clear break above the trend line, the price could attempt to surpass the main $215 and $216 resistance levels. A successful close above the $216 level is likely to open the doors for a strong push towards the $225 and $230 levels in the near term.
If Ethereum fails to clear the $215 and $216 resistance levels, there are chances of an extended decline. The next support below the trend line is near the $206 level and the 100 hourly simple moving average.
A downside break below the $205-$206 support zone could open the doors for a large decline. In the mentioned case, the bulls may perhaps struggle to protect the $200 support zone.
Hourly MACD – The MACD for ETH/USD is about to move into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently near the 50 level, with a bearish angle.
Major Support Level – $206
Major Resistance Level – $216
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