- ETH price after moving above the $310 level faced sellers and started a downside move.
- There are two major bearish trend lines forming with resistances as $252 and $288 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is likely to extend its decline below the $229 low and trade towards the swing low of $202.
Ethereum price is moving lower and following a bearish path against the US Dollar and Bitcoin. ETH/USD may now head further lower towards $210-200.
Ethereum Price Decline
This past week was mostly bearish for ETH price as it moved below $260 against the US Dollar. The top placed at $316.85 ignited a major downside move. The price is following a major bearish path, and currently trading below the $260 support and the 100 simple moving average (H4). There was also a break below the 50% Fib retracement level of the last wave from the $202.35 low to $316.85 high. It is a clear sign that there are chances of a complete retest of $202.35 in the near term.
On the upside, there are two major bearish trend lines forming with resistances as $252 and $288 on the 4-hours chart of ETH/USD. The first trend line can be considered as a short-term pivot above $250. The second one is mainly the bearish trend holder below $300. An intermediate resistance is around the 100 simple moving average (H4) at $273. So, it looks like a recovery won’t be easy for ETH above $280-300 in the near term.
At the moment, it is holding the 76.4% Fib retracement level of the last wave from the $202.35 low to $316.85 high. A break and close below the same could ignite a downside move towards $202.35 in the near term.
4-hours MACD – The MACD is in the bearish zone and signaling negative bias.
4-hours RSI – The RSI is recovering from the 30 level.
Major Support Level – $225.00
Major Resistance Level – $285.00
Charts courtesy – SimpleFX