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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price (ETH) Holding $200 While Bitcoin Dived 6%

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Technical Analysis ETH USD

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  • ETH price is struggling to correct higher above the $215 resistance against the US Dollar.
  • Ethereum price is still holding the $200 support, while bitcoin declined 6% to trade below $11,000.
  • There is a major bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more downsides unless it breaks the $215 and $220 resistance levels.

Ethereum price is holding the key $200 support versus the US Dollar, whereas recovering vs bitcoin. ETH price might continue to struggle as long as it is below $220.

Ethereum Price Analysis

In the past few sessions, there was a steady decline in ETH price from the $216 resistance against the US Dollar. More importantly, bitcoin price gained bearish momentum and declined towards the $10,500 bearish target (as discussed in the weekly forecast). However, Ether’s price remained above the $200 support area and no new weekly low was formed.

The last swing low was formed near $203 and the price is currently correcting higher. It broke the $206 level plus the 23.6% Fib retracement level of the recent decline from the $216 high to $203 low. However, the price is still trading well below the $210 level and the 100 hourly simple moving average. Additionally, there is a major bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD.

The 50% Fib retracement level of the recent decline from the $216 high to $203 low is also acting as a resistance. Therefore, the price remains in a bearish zone below $210. Above the mentioned $210 resistance, the next resistance could be near the $212 level and the 100 hourly SMA. The main resistance on the upside is near the $215 and $216 levels.

On the downside, the $202 and $200 support levels hold the key. If there is a bearish break below the $200 support, the price could slide roughly 5%. The next stop for the bears could be near the $190 or $185 support area.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly trading in a bearish zone below $215. However, it is holding the key $200 support area. As long as there is no daily close below the $200 support, there are chances of a short term rebound. Having said that, it won’t be easy for the bulls to gain traction above the $215 and $216 resistance levels.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.

Hourly RSI – The RSI for ETH/USD is holding the 40 level, with a minor bullish angle.

Major Support Level – $202

Major Resistance Level – $212

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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