Ethereum Price Analysis: ETH/USD’s Previous Support Now Resistance ByAayush JindalPRO INVESTOR Updated: 28 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights ETH price started a short term upside correction and moved above $196 against the US Dollar. There is a key connecting bearish trend line formed with resistance at $198 on the hourly chart of ETH/USD (data feed via Kraken). The pair recently tested the previous support at $198, which acted as a solid resistance. Ethereum price is slowly recovering against the US Dollar and bitcoin. However, ETH/USD is likely to face a lot of hurdles near $198 and 100 hourly SMA. Ethereum Price Analysis Yesterday, there was a major downside move below the $198 support in ETH price against the US Dollar. The ETH/USD pair declined below the $195 level and traded towards the $190 level. It traded as low as $190.91 settled below the 100 hourly simple moving average. Later, the price started an upside correction and traded above the $194 and $195 levels. Buyers also pushed the price above the 23.6% Fib retracement level of the last drop from the $204 swing high to $190 swing low. The price also moved above the $196 level, but it faced a strong resistance near the $198 level. The stated $198 level was a support earlier and now it is acting as a resistance along with the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the last drop from the $204 swing high to $190 swing low is also near the $198 level. More importantly, there is a key connecting bearish trend line formed with resistance at $198 on the hourly chart of ETH/USD. Looking at the chart, ETH price is facing a tough challenge near the $198 and $199 levels. As long as the price is below these resistances, it could resume its decline below $196. On the downside, the $190 level is a solid support followed by the $185 level. Hourly MACD – The MACD is currently placed in the bullish zone. Hourly RSI – The RSI is back above the 50 level. Major Support Level – $190 Major Resistance Level – $198The post Ethereum Price Analysis: ETH/USD’s Previous Support Now Resistance appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
