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Ethereum Near Crucial Juncture And Key Risks Warn Against Chasing ETH Higher

Ethereum Near Crucial Juncture And Key Risks Warn Against Chasing ETH Higher

Ethereum is at present consolidating above the $210 stage in opposition to the US Dollar. ETH value continues to be struggling to clear the $215 and $216 resistance ranges.

Ethereum is going through an uphill process close to the $215 and $216 resistance ranges.
A powerful assist is forming above $208 and the 100 hourly easy shifting common.
There is a key breakout sample forming with resistance close to $215 on the hourly chart of ETH/USD (information feed by way of Kraken).
The pair possible approaching a significant break and it may both rally above $216 or decline sharply to $200.

Ethereum Price Consolidating Gains
Ethereum value remained in a good vary beneath the $216 resistance zone in opposition to the US Dollar. This week’s swing excessive was fashioned close to $216 earlier than ETH value began consolidating features.
There was a minor decline beneath the $212 and $210 ranges. The value even spiked beneath the 23.6% Fib retracement stage of the upward transfer from the $191 low to $216 excessive.
However, the $208 zone acted as a robust assist together with the 100 hourly easy shifting common. It looks like there’s a key breakout sample forming with resistance close to $215 on the hourly chart of ETH/USD.
Ethereum Price
To begin a robust enhance and a contemporary rally, ether value should surpass the $215 and $216 resistance ranges. A profitable break above the $216 stage and a observe by way of above $220 may open the doorways for a bigger wave in direction of the $230 and $240 ranges within the close to time period.
Bearish Break?
If Ethereum fails to clear the $215 and $216 resistance ranges, there could possibly be a bearish response. An preliminary assist on the draw back is close to the $208 stage and the 100 hourly easy shifting common.
The predominant uptrend assist is close to the $205 zone. It is near the 50% Fib retracement stage of the upward transfer from the $191 low to $216 excessive. If the value fails to remain above the $205 assist zone, it could maybe lengthen its decline in direction of the $200 stage.
Any additional losses may push the bears to achieve traction and the value could maybe decline in direction of the $192 assist zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is exhibiting indicators of a robust bullish break.
Hourly RSI – The RSI for ETH/USD is at present above the 50 stage, with a bullish angle.
Major Support Level – $208
Major Resistance Level – $216
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