Looking at Ethereum, the price corrected gains recently after setting a new monthly high near $215. The price declined below the $210 level.
However, the $208 level acted as a support and prevented additional losses. On the downside, there are many supports near $208 and $206.
There is also a new connecting bullish trend line forming with support near $206 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent wave from the $196 low to $215 high is also sitting tight near the $206 level.
Therefore, the price remains well supported near $208 and $206. Below the $206 support, the price could test the $200 support area. On the upside, an immediate resistance is near the $215 level. If there is an upside break above $215, the price could continue to rise towards the $220 and $225 levels.
Looking at the chart, Ethereum price is showing a lot of bullish signs and it might even surpass the $215 resistance level. The next targets for the bulls may perhaps be near the $225 level. On the downside, the main supports are near $208 and $206.