Ethereum price against US Dollar has nicely recovered some points yesterday. However, it’s still facing major resistance around US$ 198 and US$203 levels.
What Really Happened to Ethereum Price against US Dollar (ETH/USD)?
Ethereum (ETH) price fell sharply against US Dollar from the resistance level at US$197. It swung low below the US$195 level. However, this support level seemed strong as buyers came in to cut short the losses and pushed back the ETH/USD pair back to US$195. Once this level is reached more buyers rushed in to push the price above the US$197 level. Traders should note that a break was noticed above 50% of Fibonacci retracement level of the recent downside from the high at US$203 to low at US$191.
However, the US$ 198 resistance level turned out to be strong and the ETH/USD pair failed to break above this level. Another important point to note is the fact that the highlighted major bearish trend line of yesterday is still intact. The ETH/USD hourly chart shows current resistance at US$ 197.
Another strong resistance is created at 61.8% Fibonacci retracement level of the recent downside from high at US$203 to low US$191. For making further gains properly in the near future, the price has to break above the US$197 and US$198 levels. At the time of publishing, Ethereum Price / US Dollar was hovering around US$ 199.18.
Ethereum/USD is fast approaching the 203.11 resistance. This is a strong resistance created by horizontal overlap resistance, 23.6% Fibonacci retracement, and 100% Fibonacci extension. If the price fails to break above this crucial resistance, there are high chances of the Ethereum price slipping towards the major support level at US$ 188.48. This support level is created by 61.8% Fibonacci extension as well as horizontal swing low support.
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