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.
Ethereum is currently consolidating above the $210 level against the US Dollar. ETH price is still struggling to clear the $215 and $216 resistance levels.
- 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.
- There is a key breakout pattern forming with resistance near $215 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair likely approaching a major break and it could either rally above $216 or decline sharply to $200.
Ethereum Price Consolidating Gains
Ethereum price remained in a tight range below the $216 resistance zone against the US Dollar. This week’s swing high was formed near $216 before ETH price started consolidating gains.
There was a minor decline below the $212 and $210 levels. The price even spiked below the 23.6% Fib retracement level of the upward move from the $191 low to $216 high.
However, the $208 zone acted as a strong support along with the 100 hourly simple moving average. It seems like there is a key breakout pattern forming with resistance near $215 on the hourly chart of ETH/USD.

To start a strong increase and a fresh rally, ether price must surpass the $215 and $216 resistance levels. A successful break above the $216 level and a follow through above $220 might open the doors for a larger wave towards the $230 and $240 levels in the near term.
Bearish Break?
If Ethereum fails to clear the $215 and $216 resistance levels, there could be a bearish reaction. An initial support on the downside is near the $208 level and the 100 hourly simple moving average.
The main uptrend support is near the $205 zone. It is close to the 50% Fib retracement level of the upward move from the $191 low to $216 high. If the price fails to stay above the $205 support zone, it may perhaps extend its decline towards the $200 level.
Any further losses could push the bears to gain traction and the price may perhaps decline towards the $192 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing signs of a strong bullish break.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle.
Major Support Level – $208
Major Resistance Level – $216
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.