Key Highlights
- ETH price failed to recover and it recently declined below the $214 support against the US Dollar.
- There is a key declining channel in place with resistance at $212 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently under pressure and it could decline towards the $206 support area.
Ethereum price declined further against the US Dollar and bitcoin. ETH/USD is slowly declining towards a significant support area near $206.
Ethereum Price Analysis
During the past few sessions, there was a slow and steady decline below the $216 support in ETH price against the US Dollar. The ETH/USD pair failed to recover and it also moved below the $212 support area and the 100 hourly simple moving average. The decline was such that the price broke the 61.8% Fib retracement level of the recent wave from the $204 low to $223 swing high.
At the moment, the price is trading near the $210 level with a bearish angle. More importantly, there is a key declining channel in place with resistance at $212 on the hourly chart of ETH/USD. The pair may perhaps continue to slide towards the $206 support in the near term. On the upside, the channel resistance near $212 is important along with the 100 hourly SMA. The next resistance is the 23.6% Fib retracement level of the recent decline from the $223 high to $210 low. A proper close above the $212-213 zone is required for buyers to take control. If not, there is a risk of more declines towards $206 or $204.
Looking at the chart, ETH price is facing an uphill task near the $212-213 zone. Above $213, the next resistance is the 50% Fib retracement level of the recent decline from the $223 high to $210 low at $217.
Hourly MACD – The MACD is placed in the bearish zone.
Hourly RSI – The RSI is currently below the 50 level.
Major Support Level – $206
Major Resistance Level – $213
