Ethereum Price (ETH) Resumes Decline, Bears Eye Fresh Lows

  • ETH price failed to surpass the key $ 215 resistance area and declined again against the US Dollar.
  • Ethereum price is now trading below the $ 214 level with a bearish angle.
  • Yesterday’s highlighted key ascending channel with support near $ 213 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend its decline towards the $ 200 support area in the near term.

Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could continue to slide and it seems like the price might even break $ 200.

Ethereum Price Analysis

Yesterday, we saw an upside correction in ETH price above the $ 210 resistance against the US Dollar. Bitcoin price also recovered above $ 11,400, but it failed to gain momentum above the $ 11,500 resistance. Ether’s price topped near the $ 215 and $ 216 resistance levels and recently moved low. Moreover, the price failed to clear the 61.8% Fib retracement level of the decline from the $ 226 high to $ 201 swing low.

The recent decline was such that the price broke the $ 214 support and the 100 hourly simple moving average. Additionally, there was a break below the 23.6% Fib retracement level of the recovery from the $ 201 low to $ 216 swing high. More importantly, yesterday’s highlighted key ascending channel with support near $ 213 was breached on the hourly chart of ETH/USD.

The price tested the $ 209 level, which represents the 50% Fib retracement level of the recovery from the $ 201 low to $ 216 swing high. If there are further losses, the price could test the $ 205 support level. The main support on the downside is near the $ 200 and $ 201 levels. If the bears succeed in pushing the price below $ 200, there could be heavy losses in the near term.

On the upside, an immediate resistance is near the $ 214 level and the 100 hourly SMA. The main resistance is near the $ 216 area. A successful break above the $ 216 area is likely to open the doors for decent gains in the coming sessions. The next resistance on the upside is near the $ 220 area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price seems to be trading in a bearish zone below the $ 215 and $ 216 levels. Therefore, there is a risk of more downsides below the $ 208 and $ 205 levels. Furthermore, if the $ 200 support fails to hold losses, the bulls might come under a lot of pressure in the near term.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is still placed in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently recovering towards the 45 level.

Major Support Level – $ 208

Major Resistance Level – $ 216

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *