Ethereum Price Analysis: ETH/USD Primed For More Gains ByAayush JindalPRO INVESTOR Updated: 06 August 2021 Key Highlights ETH price tested the $205 support area and recovered later against the US Dollar. There is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to break to the upside above the $209 and $210 resistance levels. Ethereum price is holding key supports against the US Dollar and bitcoin. ETH/USD could resume its upside move once there is a break above $209-210. Ethereum Price Analysis Recently, ETH price started a downside correction after trading to the weekly high at $218.63 against the US Dollar. The ETH/USD pair declined and traded below the $215.00 and $210.00 support levels. There was even a spike below the 61.8% Fib retracement level of the last wave from the $200 swing low to $218 high. However, the price stayed above the $205.00 support and the 100 hourly simple moving average. At the moment, the price is trading above the $208 level and it seems like it is preparing for more gains. More importantly, there is a major breakout pattern formed with resistance at $209 on the hourly chart of ETH/USD. The pair is likely to clear the triangle resistance and then $210 for a fresh upside move. In the mentioned case, the price may well trade higher towards the $215.00 or $218.00 level. On the other hand, if there is a downside break, the price could retest $205.00. Besides, the 76.4% Fib retracement level of the last wave from the $200 swing low to $218 high is a decent support at $204. Looking at the chart, ETH price is placed nicely in an uptrend above $205. Therefore, there are high possibilities of a fresh bullish bias above the $210.00 and $215.00 levels in the near term. Hourly MACD – The MACD is about to move back in the bullish zone. Hourly RSI – The RSI is moving higher and it currently well above the 50 level. Major Support Level – $205 Major Resistance Level – $210 The post Ethereum Price Analysis: ETH/USD Primed For More Gains appeared first on NewsBTC.