RATE Group | Ethereum Price Analysis: ETH/USD Holding Gains Above $200
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Ethereum Price Analysis: ETH/USD Holding Gains Above $200

16 Oct Ethereum Price Analysis: ETH/USD Holding Gains Above $200

Posted at 06:31h in Ethereum News by

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Key Highlights

  • ETH price surged above the $215 level and later retreated towards $200 against the US Dollar.
  • There is a key connecting bullish trend line in place with support at $202 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to break the $204-205 resistance area to resume its upside move in the near term.

Ethereum price is currently consolidating against the US Dollar and bitcoin. ETH/USD must stay above $200 to climb higher towards $205 and $210.

Ethereum Price Analysis

Yesterday, we saw a solid upward move above the $197 and $200 resistances in ETH price against the US Dollar. The ETH/USD pair traded above the $208 and $210 resistance levels. It traded close to the $220 level and formed a high at $219.95. Later, the price retreated sharply and trimmed most of its gains above $210. There was a break below the 50% Fib retracement level of the last wave from the $189 low to $219 high.

However, the downside move found support near the $199-20 zone. The price…

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