Ethereum is trading nicely above the $192 and $200 support levels against the US Dollar. ETH price could start a strong rally if it clears the $210 and $215 resistance levels.
- ETH price is showing positive signs above $200 pivot level against the US Dollar.
- A strong support base is forming above $205 and the 100 simple moving average (4-hours).
- There is a crucial contracting triangle forming with resistance near $210 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rally if it breaks $210 and $215 in the near term.
Ethereum Price Eyeing Another Rally
This past week, Ethereum failed to clear the key $215 resistance area against the US Dollar. ETH price started a nasty decline and broke the key $202 and $200 support levels.The price even spiked below the $195 level and the 100 simple moving average (4-hours). Ether tested a major support zone at $192, where the bulls took a strong stand.
Bearish Break?
If Ethereum fails to continue above the $210 and $215 resistance levels, there are chances of anther drop in the near term. An initial support is near the $203 level and the 100 simple moving average (4-hours).
The main support is near the $200 level and the triangle support, below which the price is likely to accelerate lower towards the $192 support zone.