Ethereum Price Technical Analysis – ETH/USD Sellers are Back?




Ethereum price is struggling again against the US Dollar and Bitcoin, and ETH/USD is just holding a major support area near $194-192.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price struggled to close above the $220 resistance against the US Dollar and moved down.
  • There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently below the $200 level and the 100 hourly simple moving average.

Ethereum price is struggling again against the US Dollar and Bitcoin, and ETH/USD is just holding a major support area near $194-192.

Ethereum Price Resistance

Yesterday, there was a decent recovery in ETH price above $210 against the US Dollar. The price traded higher and tested the $223-225 resistance zone where sellers appeared. As a result, the price failed to gain pace above $223, and a short-term high was formed at $223.73. The price started correcting lower, and moved below $210 and the 100 hourly simple moving average. It traded lower and even managed to move below the $200 support zone.

At the moment, the price is trading just around the $195 level. There is a new contracting triangle pattern forming with support at $194.00 on the hourly chart of ETH/USD. The triangle support is at $194-193. It must hold the downside move or the price could trade back towards $180. On the upside, an initial resistance is near $206 and the 100 hourly simple moving average. The $206 level also coincides with the 50% Fib retracement level of the last decline from the $223 high to $188 low.

Ethereum Price Technical Analysis ETH USD

If there is a close above $210 and the 100 hourly simple moving average, the price may test the triangle resistance at $215. It looks like we may see a breakout of the triangle either above $215 or below $190 in the coming sessions.

Hourly MACD – The MACD is now back in the bearish zone.

Hourly RSI – The RSI is currently below the 45 level.

Major Support Level – $190

Major Resistance Level – $215

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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